If you’re going to flip houses for a living, you need the right hard money lender – but after that, you need to find the right properties. Here are three things to look for in a good flip.
3 Things to Look for in a Good House Flip
#1: Location, Location, Location
The key is to find a house in a desirable neighborhood. That’s where you’ll make the best profits (obviously). This can be tough in a slow-moving real estate market, but that’s when it can pay off the most, too. Research cities and neighborhoods within those cities to look for rising sales, job growth and other indicators that an area is doing well.
You want a home that needs a little TLC but not a major overhaul. Make sure the homes you’re looking at are in fairly sound condition – the last thing you want is a money pit. The house should be structurally sound and have working systems (electrical, gas, plumbing and other systems, for the most part).
#3: A Decent Kitchen
Kitchens and bathrooms sell houses – any Realtor® can tell you that. You want a house that has a good layout and won’t require a major overhaul (especially if you’re just starting in this business).
Are You Looking for a Hard Money Loan to Buy a Property?
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding in Tennessee, Georgia or Florida. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.
Read our frequently asked questions and take a few minutes to learn about the hard money loan process.