Today we continue our two part look at the first five things to remember when you think you have found a deal. (To read the first article, please click here.) There are quite a lot of things to look at, but I would argue that these five are paramount. Investing is not a get rich quick type of business. Sure, there are times when you can find a quick and profitable deal, but those are not the norm. Most of the time, you are looking at putting in some serious time and patience. If you are going to do this correctly make sure you have plenty of both. Good strategy and a solid plan help, but sometimes deals take on a life of their own, which is why we do our best to help you get the best fix and flip loans in the market.
fix and flip loan
Many of my friends could not wait to fill me in on their New Year’s Resolutions. As I listened, I kept thinking to myself, “Aren’t these the same resolutions as last year that did not get completed?” I don’t say that out loud, but I think it, and I will bet, so do you. What people really need when it comes to investment strategies like fix and flip loans is a New Year’s Revolution rather than a resolution.
Recently we had a client that approached us about doing a fix and flip loan for a property he was considering. We do these a lot so I was glad to help him and began asking him a few questions. When we got to the subject of how much financing he needed he said he wasn’t sure. He said he could guess the amount, but he wasn’t sure what to consider when estimating the rehab costs. Trust me, when it comes to a fix and flip loan, you don’t want to borrow too little or too much. Either way can get you into trouble. I can’t tell you everything that you will need to consider when you begin estimating the cost of a rehab, but I can give you some general places to look.