Top Tips for a Successful First House Flip

Top Tips for a Successful First House Flip

Have Enough Cash? Get a Washington Hard Money Loan

Flipping houses can be a profitable real estate venture when done with foresight and planning.

If you’re thinking of flipping a house or renovating a fixer upper for the first time, you should know the pitfalls and where to put your time and money to maximize your ROI.

House flipping is risky, with no guarantee of profit. It requires a substantial commitment of time and money upfront. But with a clear understanding of the challenges and the right preparation, you can succeed.

Follow these tips for first time house flipping success!

Tips When Flipping Your First House

Know the neighborhood: Do your homework. Knowing the market and what other homes are selling for in an area is more important than the condition of a house. Ideally, you want to flip in a “buyers market.”

Think thrifty: Easy-on-the-budget home improvement upgrades that reuse and recycle materials can save a lot of money. Shop smart at local sources for reclaimed and salvaged building materials.

Limit financing: The more you pay out of pocket, the more profit you’ll see. If you need financing, fast cash, short-term hard money lenders are an ideal option.

It’s an investment: Remember your house flip is just that: a flip for profit, not your home. Keep renovations cost-efficient and neutral. You want to appeal to the largest number of buyers possible.

Reach out: Build – and use – a team of real estate professionals. When things don’t go as planned or you run into trouble, save time, money and stress. Ask for help.

Your Go-to Washington Hard Money Lender for House Flipping

We know the in’s and out’s of house flipping. We’ve been making hard money loans to Washington real estate investors for over 30 years’, helping to make their investment goals reality. House flipping takes time, hard work, commitment – and often requires cash in hand, fast! Conventional lenders aren’t the best option. Gregory M. Russell offers quick, easy qualifying private money equity loans, even when bad credit is a concern. Give us a call at 1-888-477-0444 to learn how we can help make your first house flip a success. We look forward to being part of your house flipping team!