Making money by buying and selling houses can be challenging. Your odds of success with any fix and flip project can be improved with the right knowledge and skillset. Here is some important information regarding this exciting field that you should know before diving in.
Knowledge Is Power
The more you understand about real estate, the better prepared you will be. Learning the industry’s nuances takes time. Study the art of remodeling, real estate values, and how to deal with property agents. Absorb as much as you can through books and online resources like House Flipping School. Alternatively, locate a mentor that is willing to get you up to speed. Remain humble until you have a track record that proves your competency.
The Market Is Huge
Don’t worry about a lack of flippable homes. There is plenty there for the taking. Implement an aggressive marketing campaign and purchasing opportunities will present themselves. Search MLS for abandoned properties. Send out mailers to distressed property owners. Network with wholesalers. The greater an effort you make, the more options you will uncover.
Funding Is Available
If you wish to use your own money to start flipping, feel free to do so. However, giant savings are not necessary. All you need is a financial resource that can match your needs. Options are available even for those with poor credit. Hard money lenders are expensive, but taking one of these loans might be worthwhile if doing so is needed to get started.
Teamwork Is Essential
Even though you may be operating independently, working with others is still part of your job. Having the ability to command a team of renovators is essential, as is a talent for negotiating with lenders. Attorneys, real estate agents, and CPAs will be involved in your deals one way or another. Sharpen your interpersonal and leadership skills for the best results.
Time Is Money
The faster you are able to renovate and turn over a home, the more money you make. The longer you hold a property, the more you will lose from finance charges and maintenance costs. Work closely with construction crews to ensure that upgrades are performed efficiently and properly. Aim to have projects sold within half a year of purchase. Exercise caution if nearby properties have taken longer to sell.
Mastering the fix and flip game is no easy feat, yet the potential rewards are enormous. If you are a newcomer to this enticing world, regularly remind yourself of these marketplace realities. That’s why one of the most important things you should do is work with a private financing company that can close on deals in days, not weeks.
Work With Venus Capital For Your Flip
Here at Venus Capital, we offer quick loans for a fix and flip in Atlanta, Georgia, or several other major cities around the country. If you’re hoping to flip a home, contact us for the best rates and quickest closes.