You can save money as a home flipper right now. All your overhead counts against your ROI if you are a home flipper. This includes everything from new siding to the cost of travel. Some things you should cut cost on, but there are plenty of ways to save money without cutting corners. Here are five easy ways to save money as a home flipper immediately.
- Realize you can negotiate with vendors, then do it. Look, you don’t have to accept the first price you are quoted by your vendors for goods and services. They’re in business too and they want your business. Obviously, they still need to make money, but plenty of vendors will negotiate. Even large vendors. Don’t believe me? Call your alarm service provider and tell them you want to cancel your alarm service. Like magic, they are able to offer you drastically lower costs. When I called the service provider for my alarm service to cancel, they lowered the rate of their service three times in one telephone conversation!
- Re-examine your need for any non-strategic expenses. Assume that you don’t need the expense first. Then, try to justify the expense. If you can’t justify the expense, cut it out. How effective is that ad you’re placing in the paper every week? With online marketplaces booming, is print advertising even bringing you more business? What about your custom printed pens? Do they help you get business? Maybe they do, maybe they don’t. But you owe it to yourself to figure out which expenses actually pay for themselves.
- Call your regular suppliers. Tell them that you are seeking a five percent reduction in pricing. Tell them that you need to reduce costs and that you will, unfortunately, need to seek competitive bids unless you can achieve a five percent loyalty discount.
- Be mindful of your schedule and the way you conduct businesses. After a while, we all fall into habits. Some of these habits are effective for productivity and our own happiness, some of them are just dead weights. Take a look at your software subscriptions. Do you still need all of those subscriptions? Sometimes, we pay automatically for subscriptions that we don’t even need. I once paid for a subscription to a radio app for months after I stopped using it. Go through your bank statements and just double check to make sure that you even still want or need those subscriptions anymore.
- Check your credit card terms. Spend a little time seeing if having an alternative card might benefit you. Some cards offer cash back or other incentives. If you’ve had the same card for years, you wouldn’t want to close that line of credit, but you might benefit from a Discover card that will give you cash back directly into your Amazon cart, right?
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.