If you’re like most people flipping a home, you’re probably seeing dollar signs. You’ve most likely purchased a house at a great price and are thinking of the after repair value. With quick turnaround times on flipped homes, it’s easy to forget about a few things.
The Hidden Costs of Flipping a House in Atlanta
While the costs of repairs are usually at the forefront of your expenditures, you’ll want to be sure that all the hidden costs you may incur are calculated before estimating a profit.
Most real estate investors plan to fix and flip more than one house in their career, so it would be a good idea to form an alliance with a Realtor®. A realtor can help you sell your flips quickly—allowing you to move on to the next one. Of course—they will charge you for it—so don’t forget to calculate realtor commissions into your expenses.
Property Insurance and Taxes
As a borrower, you’re required to insure your property. You’ll have to provide proof that you carry insurance on the property prior to closing on the loan. Even if you think the home is in a state of disrepair at the moment—anything can happen.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.
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.