If you’re like many people, you’ve toyed with the idea of buying a house, fixing it up, and selling it to another buyer – all for a tidy profit.
But before you buy, here’s what you need to know.
Before You Buy Your First Fix-and-Flip
Naturally, you need to plan ahead and make sure you can secure the financing you need to buy a home that you can fix up and sell. (Many people do this by getting a hard money loan.)
From there, you need to check out the local inventory. It’s best to do this with a local Realtor® who understands what you’re trying to do and who can find (and get you access to) properties listed in your price range that need a little TLC.
Check out the area, too. Is there a particular part of town you want to focus on because homes sell better there? Is there an area you want to avoid? Doing a little research now can save you a big headache (and lots of money) later.
Once you find the right house, figure out your offer. Your real estate agent can help you determine what’s right when it comes to making an offer, so listen to his or her experience!
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 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.