Taking on the responsibility of house flipping is a daunting and stressful task. But by specifying your plans before you start, you can make the process more streamlined and save yourself a headache. Here are some of the important plans you should make before you start the renovation process.
What You Need to Narrow Down Before Flipping a House: Your Timeline
Laying out the timeline you would like to follow will give additional structure to your project. You should set a target month for you to complete the project, and set major goals that will build on each other until the project is complete. Turnaround times vary significantly depending on what step of the flipping process you are in.
Generally, the whole process takes about 3–9 months. But your timeline may look different if your home is bigger or of lesser quality. Most house flippers should try to get the process done as quickly as possible to appease investors—or their own wallets.
Financing Your Project
Speaking of which, you are going to want to plot out your financial plan so you aren’t burdened with the details during the renovation project. You could fund it yourself, but the safer and more practical thing to do is get help financing the project. Half of all home improvement projects over $5,000 are paid for through financing.
Banks could potentially give you a loan, which you can pay back over time throughout the project. This might cause additional stress because of loan interest, however. Asking others to invest in your house flipping endeavors can be a safer bet, and you can promise them a cut of the money for financing the project.
What You Need to Narrow Down Before Flipping a House: Important Contacts
In your finances, you may have to account for payments you make to professionals. Some projects may be too difficult for you to do without hiring a trade worker. You might need to hire an electrician, plumber, or pest control expert. Inspect the house you intend to flip, and decide if hiring any of these specialists would be worth it to you.
If you are planning on making house flipping a regular career in your life, you should look up some of these specialists to hire for each project. Developing a relationship with trade workers will help you receive the highest quality of work.
You cannot just go at renovations with a hammer immediately. Carefully crafted plans will dictate how the entirety of your project turns out. House flipping is hard work, but if you take efforts to work smarter and harder, you will find success in this competitive industry.
Want to learn more about real estate investing? Become a member today!
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
Click here for membership information
Get our meeting notices and market data emailed to you.