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How much money would I need for a down-payment? |
| This will always depend on the value
of the property and the amount of your loan. Most experts recommend
anywhere from 5%-10% down. Most lenders right now are even providing
excellent rates for people with 0% down situations. We can help
you communicate with a loan officer and advise you through the
entire process. |
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If I purchase a property and fix it up, what can I expect to make on a subsequent sale? |
| This again will always depend on the value
of the property, the percentage of the property's value that
you paid for it, and also how much money you invest
on repairs and fixes. We like to aim for a profit of $10,000
to $20,000. It is exactly these kind of issues that make it
more critical than ever to utilize the expertise Richard
Payne Investments can offer. Based on housing
trends, we can help you maximize the buying price and help you
avoid "money-pits" with hard-to-see-on-the-surface
repairs; then we let you leverage our world-class networking
and sales experience to get the most out of the sale of your
investment. Read some of our success
stories |
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Where can I go for financing? |
| For years, Richard Payne Investments has worked with Heather West at Countrywide Homeloans. We can help you get in touch with her, or we can work with you and the loan officer of your choice at any mortgage lender you wish. |
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Do you have a list of recommended contractors to help with property repairs and upgrades? |
| Absolutely! Richard Payne
Investments aims to dazzle you with our extensive
experience and resources. World-class service includes comprehensive
assistance with all aspects of your investment experience including
affordable, trustworthy contractors for any repair or upgrade
your investment property or new home might need. |
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Can I do part or all of the property repairs and upgrades myself? |
| You certainly can! Before you make a
decision, consider this: most repair work including painting,
fence construction, laying carpet, etc., is time-consuming and
requires some level of experience to make sure it's done the
best it can be done. Many people can save a small amount of
money by performing some or all of the upgrades/repairs on their
own, but do they still save money when they consider their own
lost valuable time and energy? There is no clear answer, but
consider what your time and energy is worth to you. Saving a
few hundred dollars probably isn't worth losing three months
worth of weekends, but saving a few thousand dollars might be.
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What kind of turn-around time can I expect if I'm selling a newly repaired investment property? |
| We like to have the property under contract
in 30 to 60 days depending upon the sales price. A lot of factors
will help to determine how quickly you can "turn"
your investment property. Are you asking the right price? Is
the property psychologically appealing (cosmetics, location,
etc)? In Northern Colorado, the average property is selling
in just under three months, but we've seen the right property
at the right price sell in a day. |
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If I rent out my investment property, what kind of cash flow can I expect from renters? |
| This will depend largely on the lending
arrangements you have to make to purchase the property. With
little money down, it is unlikely that you would see a good
deal of monthly income from rental property investments, but
over many years, the equity in this property continues to build
and will clearly eclipse any considerations of monthly income.
If the value of the property you are holding will increase tens
of thousands of dollars over time, monthly income should be
a secondary concern you are receiving the income tax advantage
of depreciation during your holding period. A more realistic
goal for long-term investing in rental property is to achieve
a "break-even" status initially, where your renters
pay the mortgage for you. You simply reap the rewards of a huge
equity build-up over the years. |
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| Do you have other questions? Please use our contact form, or call (970) 663-7444 and let's get started! |
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