I’d like some customer reviews from anyone who has used these guys. I’ve already read over their websites info, but I’d like to hear firsthand experience-good, bad, or otherwise. Thanks!
I have refinanced a few customers who have usd their services and they seemed happy. However be aware that they do charge you a non-refundable deposit upon approval.
I have had multiple rehabbers express they would use Brookview again for their deals.
What city are the properties located in? You may have other options.
I’m located in SE Wisconsin, and unfortunately it seems as if HM is one of the few avenues left in the rehab arena. Literally there are no banks in the Milwaukee area doing rehab loans anymore (I called around to all the investors I know and nobody had any leads.) If there are other ideas out there for acquisition money I’m certainly open to hear them!!
I think the gov should give out low interest loans to real estate investors. Of course it shouldn’t be 0% down that’s what got us into this mess. Throwing trillions at the banks hasn’t helped things…they still don’t want to lend to investors. Countrywide now requires 25% down on investment properties! There are people out there that are willing to fix up these vacant homes and rent them out . This would bring the values of the properties back (because the properties will be rehabbed) …exactly what the government claims they want to do. Investors are better than owner occupants as they’ll be buying several properties instead of just one taking more foreclosures off the market.
I don’t see why they wouldn’t do this especially if the properties cash flow. This current situation (massive defaults/foreclosures) should show that owner occupants aren’t always a great credit risk…
The consequence of being foreclosed upon are not really that bad…people can still buy a home not too long after they have been foreclosed upon.
Investorman,
Your information is not completely correct. First… just because a property is bought by an investor and fixed up does not add value to a neighborhood. Many times it is just the opposite because investors are buying typically at >.70 cents on the dollar which can kill the value of a neighborhood. Appraisers do not take into account the rehab cost when they use a recent sale on an appraisal. They only use the sale price. Second having a foreclosure on your credit report is devastating. Fannie guidelines state that you must wait five years to purchase a home using conventional financing, and FHA guidelines state that you must wait three years before you can purchase another home using FHA financing. So I have to disagree with you in regards to having a foreclosure on your credit report being “really not that bad”.
You are correct in stating that the investors purchase price “below market value” can bring the comps down in the short term. But, when that home is resold later it is going to bring up the comps in the neighborhood (if it was fixed up) . This encourages other owner occupants and investors to fix up their homes. Investors help to gentrify certain neighborhoods, fixing them up/turning them around and creating a new standard for the neighborhood. Look at Harlem before gentrification compared to now. The neighborhood might not have changed, or it might have changed much slower without investors buying and fixing up those buildings.
Also not being able to buy an FHA house for three years after a foreclosure I don’t view as being that bad personally. These are people that are causing banks/taxpayers,etc hundreds of thousands of dollars by walking away from their obligations, so I don’t think a 3 year wait to get into a home is really that terrible, just an opinion of course.