Properties may not be able to get a normal mortgage because of their current condition, and that can limit the amount of people that are actually able to buy those homes. Typically the people that are going to buy those homes are people who are able to pay cash and cash only, which means usually typically an investor. And while that’s great to get that property back on the tax rate tables and getting money coming in to the town, that doesn’t really help everybody else. Because if your neighbor down the street is seeing that that house is being sold for half of what it should be, that’s not helping from a comp perspective. Now when they go to resell it it’s obviously gonna help, but for the perspective of getting that home back onto the market as soon as possible, we really want owner occupants to buy it and to build it into and build up the development.
And that’s what the great part of a renovation loan comes in. It’s also gonna help for contractors, gonna be able to do work that they may not have had previously. It’s going to help building suppliers. It’s going to help the local schools. It helps really the entire neighborhood, an entire county, municipality, when a home is taken off of being in a situation where it’s vacant or somebody who’s not paying taxes. So renovation loans can be huge for that, and one of the main reasons that we wanna look at that to show people how to use these, to revitalize neighborhoods and towns and communities. Listen thank you so much guys. I really appreciate your being here today on this podcast and this vlog, Renovate This!