What is House Flipping?
House flipping refers to buying a property, fixing and reselling it for a profit. Instead of buying a home as a residence, house flipping is usually a real estate investment strategy and, for some, can be a stream of income.
Here are four tips to make your house-flipping journey so much easier!
Find the Right Property.
Cities like Houston are rapidly growing, and as more people move to Houston, it can make them want to flip a home for more profit. But choosing and finding the right property that works for you is crucial. Browsing through foreclosure and auction sites can help give you an idea of what properties best match your budget. You can also work with a real estate agent and specifically look for houses that need repairs or renovations.
Set up an Expected Timeline.
Some flips require a lot of work, time, and renovations, while others don’t. Setting up an expected timeline will help you give yourself enough time for any upgrades or fixes needed. Especially if you are working with a contractor, you should have a similar timeline for when things should be done. It’s also essential to factor time in for any building inspections needed.
Figure out finances.
An essential step in flipping a house is ensuring you have the funds for purchasing and flipping the property. It’s hard to overstate the advantages of a hard money fix-and-flip loan for investment properties in Houston, Texas. You can still work with a lender if you don’t qualify for a bank loan. You can get these loans from fix-and-flip hard money lenders, like LJC Financial, and they aren’t confined by the same processes and rules as traditional banks.
Make sure to choose and stick to a budget.
Even after securing a loan for purchase and remodeling, flipping a house can have added costs, but by sticking to a budget, you can make sure that your flip is profitable and gives you a good return on your investment.
LJC Financial is here to help you with your financial needs for your investment property, rental, or house flipping, especially in the Houston, Texas, area. We’re experts that specialize in finding solutions for your house-flipping needs. Give us a call and speak to one of our highly trained agents. Happy Flipping!