You can make money by getting the work done and then selling it for more than you have into it. You have to be careful with your purchase and careful with your work but the potential is certainly there. Or you can just buy a home that you intend to live in the same way, and fix it up the way you want it.
The loans are a little more complicated than a normal mortgage but open up properties that you otherwise cannot buy unless you have cash. Renovation loans are an option that most buyers and even most Realtors don’t consider…they should.
Alice Roe at Movement Mortgage has a couple very good flyers showing the process of a renovation loan.
These do not include an Alaska Housing Renovation Loan which is also worth considering to see which is best for you.
Give a call at 907-232-7900 or drop an email if you would like to find out more how this can work for you.