We all want the lowest possible mortgage rate, but choosing a lender goes beyond that. The rate is a key factor for sure, and in this environment, they change daily. When selecting a lender, you should also look for a lender who:
– you can actually get ahold of, locally, with an office you can walk into and see them face to face
– gets their clients’ loans approved & closed on time, meeting the contract deadlines
– is a problem-solver
Not to mention that with rising interest rates, the mortgage industry has seen massive layoffs. The last thing you want is to work with a company who, days before settlement, can’t close the loan.
We’ve worked with online lenders and while they can sometimes work out in the end, they’re not always the best option. In fact, sometimes they are terrible. You shouldn’t have to call a company line and extension number to get ahold of them, or hound them to do their job.
We partner with a variety of local lenders, who have every program imaginable, for any buyer’s situation. We refer you to these local lenders we’ve worked with numerous times based on who is best suited for your personal needs, to make for a smooth transaction!
If you’re looking for a lender recommendation, call or text us at 717-371-0557 and we’ll be happy to help you!
Your Friends in Real Estate,
Jason Burkholder Team
——————
Jason Burkholder
Kelly Burkholder
Jaci Hoosier
717-371-0557 direct or text
Hometown Property Sales Group, LLC
717-207-8093 office
57 E Main St
Lititz, PA 17543
We all know the premise of home-flipping shows: An investor buys a veritable dump and then, with the help of a team of ready-and-willing contractors and landscapers, quickly transforms it into the best-looking home on the block. Next, that intrepid investor turns around and sells it for a hefty profit. Sounds like a straightforward formula for financial success, right?
Sure. Also, Bigfoot is real.
Ok, maybe lie is too strong a word. Here’s the thing though, the shows are definitely misleading. What makes for entertaining television doesn’t always translate into a win beyond the high definition flat screen. The following are nine ways home-flipping shows mislead viewers. So, if you’re considering turning this into your next career or even a side gig, you may want to separate fact from fiction first.
In order to realize as large a profit as possible, it’s important to flip the property as quickly as you can, otherwise paying the mortgage, taxes, and insurance quickly chips away at your bottom line. While sales tend to happen quickly on TV, the reality is that even if you have a willing buyer, getting pre-approved and securing the financing doesn’t happen overnight. For anxious sellers, that ticking clock is a constant reminder that every passing day means a little less money in their pockets.
As far too many homeowners know, not all contractors are created equal. For the most part, the artisans who make their way onto home-flipping shows are trustworthy, knowledgeable and willing to work nearly round-the-clock to get the job done. In reality, contractors may be working on multiple projects simultaneously and may disappear for days at a time. And as we all know, time is money.
Part of the appeal of these home-flipping programs is the ease with which the whole property comes together. But it’s more than just the time-lapse photography that makes it seem like anyone with a tool belt can renovate like a pro. While you might be tempted to take a DIY approach to keep expenses low, remember, these people know what they’re doing, whereas most homeowners are not expert contractors. Many times tackling a task yourself will end up costing you more than if you’d hired the right person for the job.
Even with a careful home inspection, surprises (not the good kind!) pop up when you least expect them. Yet, if a sink hole opens and threatens to swallow a sunporch, home-flipping show teams are ready to fix that issue like it’s no big deal. When it happens to non-TV-star homeowners, it’s not always easy to find the right subcontractor — especially when you’re under time constraints. And, once you do, can you even afford to deal with whatever unpleasant shocker has come your way? If you have to go back to the bank for more money, that will impact your timeframe and ultimately your profit. (See number 1.) Home-flippers on TV seem to have bottomless bank accounts. Must be nice, right?
When home-flippers begin a project, all the requisite materials are on-site and ready to go. If only this were the norm! Anyone who’s ever fallen in love with a special order item knows that it’s almost impossible to find everything you like in stock and ready for delivery. Some contractors are reluctant to start a renovation until all the supplies are in, which, again, can hurt your timeline and your profit.
Never mind the fact that homes showcased on these programs never seem to lack for buyers, in many instances there doesn’t seem to be any haggling to speak of when it comes to the asking price. Leaving out the art of negotiation does viewers a disservice as it makes it appear that buyers can’t wait to pay full price — or above it.
In order to reap the biggest profit, you need to buy below market value, sell above it, and not put more money into the renovation than you’ll get back. As if that equation weren’t complicated enough, on television, you don’t always hear about the costs of buying or selling, inspection and appraisals fees, and other expenses that go into both sides of the transactions. Leaving out some numbers conveniently inflates the profit.
Renovating a bathroom in rural Tennessee is going to cost much less than it would in, say, Manhattan. Not only will the labor be less expensive, but the materials and delivery charges will also skew lower in non-metropolitan areas. Of course, none of that is addressed in the show and most often estimates on TV are far lower than those you’d gather in real life.
This is common. Be careful. Once you’re in the home improvement groove, you may be tempted to splurge and really go all out, but you have to resist the temptation to overdo it and put in more money than you’ll ever get back. In the quest to make your flip as fabulous as possible, you never want to lose sight of the the reason you started this project: to make money. Consider the return on investment for each improvement you make.
Bottomline. Flipping homes is something you can make money doing. It’s not for the faint of heart, it’s not without risk and it’s not something to tackle if you don’t have a bank account that will support it.
Thinking of buying an investment property? Call me at 717-371-0557, I’ll be happy to help you find the right property, make a plan and write the right offer to make it yours!
If you want to search Lancaster County homes for sale, visit www.JasonsHomes.com to access our Easy MLS home search that shows you all the homes for sale in the Lancaster County PA Multiple Listing Service (MLS) !
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If you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-291-1041!
Your Friend in Real Estate,
Jason Burkholder
Realtor, e-Pro
Associate Broker
Certified Marketing Specialist
Weichert, Realtors-Engle & Hambright
717-291-1041 office
717-371-0557 direct or text