Fix & Flip Loans are an excellent way to start your Real Estate investments. Buying houses, remodeling and reselling them in a shorter period of time can be a lucrative and fun business. In order to achieve this, you need advice, money and determination.
There are many programs available for Fix & Flip, usually are short term loans, 1 or 2 years, rates can vary based on downpayment amount, real estate experience and credit score. The most important fact is that you must own at least one property or sold in the last 3 months.
How May I Apply?
It’s very easy to apply, the documents requested are:
- Driver License,
- Social Security Number,
- Credit Score min 600,
- 2 months bank statements,
- Legal Entity (LLC, Corp, etc) registered in US for Title docs (Articles, Operation Agreement, EIN number, Proof of Active),
- Real Estate history
If you are looking to prepare yourself for a Fix & Flip Loan you can contact me for a free advise meeting.
Keep in Mind
- The house will be sold after repairs.
- Take into account the cost of repair before buying the property, other options are available in case you need funds for rehab.
- Present the property in the best way to sold it as soon as possible.
5 Tips for Successful Flipping
- Limit risk, maximize return: The first and best advice is to limit your financial risk and maximize your return potential. Bottom line, don’t pay too much for a property (knowing what it’s worth) and make sure you also know how much any necessary repairs or improvements will cost before you buy. With this risk vs benefit combination, you can calculate an ideal purchase price.
- Analyze key aspects of the property: The location is usually a crucial aspect to be able to ensure a recovery of liquidity when the reform of the asset is about to take place. Another important point is to make sure that the property to be acquired is structurally in good conditions and cannot present serious invisible problems.
- Study the market and its trend: There are cheaper areas than others, but do not limit yourself to seeing the current market situation. Analyze what has happened in the last years and months, and take into account if there are imminent construction plans. For example, an area where a train station or a shopping center is being built may increase in value in the future.
- Prioritize the most profitable renovations: The key is that properties become more attractive to buyers, aesthetically and functionally. This is often achieved by improving the materials, renewing the colors of the walls and furniture, creating more open spaces, optimizing unused areas to create storage space, etc.
- Use the key resources: Don’t try to flip profitably without professionalizing your work. Rely on qualified professionals for more advises and help.
If you are thinking of buying your new Home, or buying an investment property, a second Home, a vacation Home, or refinancing any property in Florida I’m here to help you, send me a message below or click here, and I will be ready to provide you with a totally free Financial Advice.