Most people who get into the fix and flip business have some level of aptitude with fixing things up. Whether you are an expert at painting or know your way around refinishing hardwood floors, look to the strengths you already have when determining what you can and cannot hire out. If you have experience with plumbing, for example, it probably makes sense to keep that part of your private lending loan for investment property and spend it on something that you cannot reasonably handle yourself.
Your own schedule may also determine how much you want to hire out. If fix and flip properties are your day job, you will have plenty of time to work on the project, but if you have a demanding job outside of rehabbing and renovating you might find that you simply do not have time to handle everything yourself. Luckily, it is easy to contract out as much or as little of the fix and flip work as you want. An investor loan is a great way to ensure you have all of the funds you need for every part of your project, from closing costs to purchasing fixtures and other repair needs. Private lending makes it easy to quickly secure the cash you need to make your property shine, and a loan for an investment property ensures you will be able to pay for any contracting services – or buy the tools and equipment you need for DIY work. Deciding what to DIY and what to hire out is a personal decision, influenced by your skills, time, and overall schedule for putting your fix and flip on the market. No matter what option you choose, leverage your private lending loan for the investment property and make the most of your renovation dollars to ensure you generate the most profit possible. If you are ready to take on a new rehab challenge, and need funding, Center Street Lending can make it happen. We lend in CA, AZ, CO, UT, TX, FL & NC, up to 80% of the property purchase price as well as 80% of your anticipated rehab costs. Give us a call today at 800.208.1803, or request a no-obligation quote online. We use a simple, streamlined process, and can fund your project in as little as 24-hours! Center Street communications are not intended to provide business, legal, tax, investment or insurance advice. No Center Street communication should be construed as a recommendation for any business or investment strategy by Center Street or any third party. You are solely responsible for determining whether any investment, investment strategy, business strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation
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Deal with the Big Problems First
Broken furnace? Problems with plumbing? That’s what a rehab loan is for. Use your fast funding from your private lender to deal with the largest problems right away. This takes a load of stress off of your shoulders and ensures that your detail work, like paint and textiles, will not get ruined by a broken pipe or worse. Buy Items in Bulk If you are working on multiple properties you truly understand the value of a rehab loan from a private lender! While you will see a big profit in the end, you need to spread your resources around while you are still working on your fix and flip properties. Buying wholesale can save you money, easily. Use the same fixtures, paint, trim, and other features in all of your properties. This means you can use your fast funding from a private lender to buy in bulk and get a discount, while still ensuring you have high-quality features in all of your fix and flip properties. Stick to the Basics You might buy a fancy sink for your own home, or spend extra cash on a beautiful light fixture, but in a fix and flip property it is a better idea to focus your rehab loan on buying basics. Make your property a blank slate for prospective buyers, and they are far more likely to envision living in the home. This saves you money, as you can stick with simple but durable purchases, while increasing your odds of selling the fix and flip quickly so you can enjoy the profits of your hard work. When you have a rehab loan it is wise to make the most of it, so your fast funding can go as far as possible in assisting with your project. Use these tips to save money and you are sure to see a difference in your next fix and flip property. If you are ready to take on a new rehab challenge, and need funding, Center Street Lending can make it happen. We lend in CA, AZ, CO, UT, TX, FL & NC, up to 80% of the property purchase price as well as 80% of your anticipated rehab costs. Give us a call today at 949.244.1090, or request a no-obligation quote online. We use a simple, streamlined process, and can fund your project in as little as 24-hours! Center Street communications are not intended to provide business, legal, tax, investment or insurance advice. No Center Street communication should be construed as a recommendation for any business or investment strategy by Center Street or any third party. You are solely responsible for determining whether any investment, investment strategy, business strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation |
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CFL License No. 60DBO-57755 | AZ MBL# 0930263
Real Estate Broker - CA Bureau of Real Estate - License #01883377 | NMLS 905781
CFL License No. 60DBO-57755 | AZ MBL# 0930263
Real Estate Broker - CA Bureau of Real Estate - License #01883377 | NMLS 905781