So you’ve made the decision to get into fix and flip investing.
Fix and flip real estate ventures are some of the most exciting portfolios to work on. You get to breathe new life into old, damaged buildings, and while doing so, you get to make some serious profits, which you can then use to gradually build your very own real estate empire.
Many real estate investors who are successful today started their journey with fix and flip investing.
Now, like any entrepreneur, you would obviously want to give yourself the best chance at succeeding with your new enterprise, right?
So how do you set yourself up for fix and flip success?
We’ve got three important tips for you that would help you get your fix and flip investing journey off to a flying start.
Get a Realtor License
A real estate license opens up more opportunities for you as a fix and flip investor. You get easy access to the MLS, which is arguably the best place to find accurate information on properties. You get to better understand real estate transactions and how they work. Plus, you get to save a lot on agent fees by being your own agent.
Find a Reliable Hard Money Lender
Unless you plan to put your own money into your real estate business, you’ll need someone who can finance your deals.
Banks and conventional financial institutions are not really an option for loans here. They are not accommodating enough. They take weeks, sometimes months, to process your application. They are not flexible with their terms either.
Partnering with a hard money lender is the best decision you can make as a fix and flip investor. But, you need to find a reliable one.
Choose a fixer-upper that does not require major financial commitment and is small in size, so that you can renovate it easily.
Fix it. Sell it. Build credibility in the market.
Slowly, you’ll start having more confidence in your abilities and skills, and you can then undertake bigger projects.
We wish you all the best with your real estate investment business and hope you find plenty of success.
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