We are still faced with the best real estate opportunities of a lifetime - and amazingly there are even getting better! As sad as it is to say, the economic malaise continues to serve us very well.
FOCUS ON RENTAL VIABILITY
Because resale markets remained weak (and rental markets strong) during 2011, we started assisting developers with refinances to convert rehabbed properties to rental properties rather than wait for the re-sale. This way we were paid back, and developers could cash out and move on to the next project. Long-term rental viability is therefore now more important than resale value - which is why we prefer 2,3,4-family properties.
As of now our investment criteria are as follows:
- 1-4 family properties only. (2,3,4-family preferred)
- Preferred investment size: $20K-$100K ($200K max)
- NJ, NY only
- ARV (After Repair Value) of at least 150% of total hard cost
- Cross-collaterization on other properties considered.
For investment information go to www.lxfinancial.com
Go here for construction/rehab loan information
To request a quick quote for a project go to www.fixflipnow.com
My best wishes to you for 2012. May it be a fulfilling and prosperous year!
We're open for business :)