What information do I need to provide to lenders?
A- Our lenders generally request your last two months’ bank statements, and your last two years’ tax returns. They will also look at two years of your employment history, your credit scores, and they look to see that you have approximately 20% of the loan value on hand
I have poor credit. Can I still invest with Empire Realty Investments?
A-Part of our job as your real estate investment consultants is to find a lender who fits your needs. We have options for investors with excellent credit, poor credit, and no credit at all.
How much should I expect to spend on an investment property?
A-Although investment properties can be found at any price point, most of our clients prefer to spend between $70,000 and $100,000 for their purchases, which is generally 65% of the after-repair value of the homes. The affordability of these homes enables investors to buy more than one at a time, and also helps the home move quickly once the investor puts it back on the market. If you are interested in properties outside of this price range, we will be happy to find an investment to suit your needs.
How does Empire Realty Investments choose properties to offer to investors?
A-We are looking for homes that will sell easily after rehabilitation, so in our selection process we look for homes:
• In a safe neighborhood and a good school district
• With multiple bedrooms and bathrooms
• With a high level of structural integrity, from foundation to roof
• With sound plumbing, heating, and electrical systems
• Selling for a price which allows a comfortable post-rehabilitation profit for the investor, while also being affordably priced for potential buyers