The Process of Flipping a House
In truth anybody with an entrepreneurial spirit can flip homes. The key is to fully learn what you are doing. Do not go into this venture blindly or you will fail. Take the time to properly learn all aspects; both positive and negative, of what you are doing. Then go for it. So what are the main processes of flipping houses? We will explore the answers to that question right in this article.
The first thing you ought to do is find out ahead of time if you will qualify for a loan from someone. This process is critical. Unless you were born into this world with an endless stream of money, chances are you will not have the money to buy and improve the house you want to flip. You will need to borrow the money from somebody; either an established financial lending institution or a private individual.
Private companies such as Hard Money Atlanta, is quickly becoming the go-to hard money lender in Atlanta. Providing private, hard money loans to professional real estate investors that focus on hard money loans, rehab lending, ARV lending, private lending, equity lending, no doc, asset based lending, cash-out loans, commercial bridge lending, and transactional funding.
Without these companies you will have to do some hard selling of yourself and your prospective home flipping business idea. If you cannot obtain a source of money, you might as well pack it in and forget about this venture altogether. Working with Hard Money Atlanta is equivalent to working with a network of private lenders who partner on lending opportunities which gives them the ability to get quick answers to their client’s loan questions, with common sense underwriting and fast closings to meet their funding needs. Hard Money Atlanta goals are to offer the most competitive lending options to their clients and to provide the best customer service by ensuring financing options for future projects.
Working alongside a reputable hard money lender the investor develops a network of professionals that you will begin to depend on time and time again. Aside from the financial source you will need to have the following professionals available to you on a consistent basis: realtors, contractors, specialized skilled professionals (such as plumbers, electricians, etc.) You will also need to know at least one home stager, an accountant who specializes in property tax knowledge, and (unless you plan on doing this yourself) a property management firm or two. You will need to have these people available to you in order to effectively operate your home flipping business.
If you are not a people-person this is not the right business for you. In addition to all of the professionals we just mentioned you will need to be able to properly present yourself, answer the questions, and negotiate with the sellers of the homes you want to buy. You cannot appear to them to be in the same light as a snake-oil salesperson. Otherwise, you will not succeed. Not only must you be honest, you must also be personable. While you will not be competing in a personality contest, you may well be competing with other home flippers for their business.
If you are difficult to get along with they will move onto someone else who has a better demeanor. The final thing is to develop an aptitude for spotting a great deal. Practice by scouting out your own neighborhood. Look for “for sale” signs and see if you can spot such homes that need improvements. See if you can picture in your own mind what improvements you would make and visualize how this home will look with those done. After all, practice makes perfect, right? Right!
Once you find the house contact Hard Money Atlanta right away. It is not about just one deal—it is the relationship that was built prior to house hunting that will grow for years to come.
Feel free to contact us anytime to discuss your loan scenarios, general questions and funding needs at 678-293-7703 or loans@hardmoneyatlanta.com or apply online.
Read Hard Money Tips for Real Estate Investors if you are thinking about becoming a real estate investor.