Are you thinking about flipping houses professionally without existing wealth? The real cash in flipping houses comes from sweat equity. That’s while you’ll see professional builders, carpenters, and other handy skilled tradesmen in the house flipping business doing well for themselves. These people know enough about home repairs and renovations to create the sweat equity to make flipping houses profitable. Often you will find skilled tradesmen who flip houses during the winter when they are out of work for the season. This helps contribute to an annual income, because the unemployment checks certainly won’t cover all their family expenses.
Oftentimes, someone who is good with a hammer and paintbrush think that they have the skills to flip a house. That may very well be true, but since the bulk of the profits from house flipping come from genuine sweat equity, finding a house that needs skilled labor-intensive repairs, and then completing those repairs is where the big money often comes in. If you don’t have the skills to hang drywall and run new electrical wiring, the profit you make from your investment property may be lower than you’d hoped.
Now, that’s not to say that sweat equity is the only way to make money flipping houses. If you have a keen eye on real estate trends, you could also bring in a lot of money flipping houses that don’t need too much repair work. Sometimes, these houses are probate homes that no traditional buyer wants to touch. Sometimes, these need little more than a layer of paint and new carpet. If you have the wealth or the funding for such a project, you could also make money, even if you’re not a skilled tradesman. Just be sure to recognize your own strengths and find homes that are approriate for your own skill level.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
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.