There is a good chance you’ve encountered a fix-and-flip program like “Flip or Flop,” “Property Brothers,” and/or “Good Bones.” In many instances, these television programs present the work of renovating homes as straightforward and easy. However, in reality, there is a tremendous amount of work that is necessary to start and build a successful fix-and-flip business. Here are some key pieces of advice to ensure your fix-and-flip real estate venture is a success (and not a flop):
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Consider Securing a Real Estate License
Getting a real estate license can provide key insights and advantages when attempting to build a fix-and-flip business.Getting this licensure will also mean you develop a deep understanding of important protocols, regulations and terminology that will be used when buying and selling properties.
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Obtain Access to the Multiple Listing Service
The Multiple Listing Service (most commonly referred to as the MLS) is generally considered to be the best place to obtain accurate information and insight on available properties, such as homes that are in pre-foreclosure, homes for sale, and comps in a specific neighborhood.
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Consider Hard Money Loan to Fund Your Project
There are a number of reasons why it makes sense to establish a working relationship with a hard money lender in Los Angeles. A hard money loan can make the difference between missing out on a valuable foreclosure property or having the necessary funds to land that fixer-upper so you can reap the financial windfall. Hard money loans are distinct from traditional loans since you can typically apply and get a response on a hard money loan application in a matter of hours or days (as opposed to weeks or months with a traditional bank). There is also much less emphasis on your credit history when working with a hard money lender.
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Consider Renovating Your Own Home
If you are new to real estate investing and are simply dipping your toes into the proverbial fix-and-flip pool,consider starting with the home you know best – your own. This can make your first experience in this field less stressful and mitigate the risk associated with trying to flip a piece of property you may have purchased sight unseen.
Take Action – Apply for a Hard Money Loan in Los Angeles Today
Fixing and flipping homes can be lucrative, but it is also risky and rife with potential pitfalls, especially when it comes to properly funding your project. Hence, it is in your best interest to work with a highly experienced and reputable hard money/private lender to discuss your options.
PB Financial Group is a premier direct hard money, private money and bridge lender, who has been providing quick funding since 2006 and have funded over 2300 hard money/private money loans. Our objective is to work to satisfy your financing needs on important real estate projects throughout California in an efficient and effective manner. To schedule a consultation or for further information please contact PB Financial Group at 877.700.3707 or visit www.CalHardMoney.com to learn more.
PB Financial NMLS #357614/DRE #01522495
