With so many shows on TV about house flipping, a lot of people are excited about the idea of finding a great house, getting their hands dirty with renovations, and turning a quick profit. Maybe you have a background in construction. Maybe you’re a realtor. You have a genuine interest in the work and you aren’t just looking to do this one time. If you’re really serious about beginning a career as a house flipper, there’s probably one big question on your mind: “Where will I get the money to start?”
A lot of first-time house flippers turn to their bank for a loan. When their bank turns them away, they take a look at their personal savings. Funding a fix and flip project with your own capital is a viable option, but it opens you up to a lot of unnecessary risks. The next step is looking for fix and flip funding from a reputable private money lender.
A huge percentage of house flippers take out house flipping loans from private money lenders, and not just people doing their first flip. Here are just a few of the reasons why:
– A private lender can help you limit your upfront costs and provide you with the necessary cash flow to deal with unforeseen problems and pricey renovations. This reduces both your financial risks and your overall stress levels.
– House flipping loans give you the necessary leverage to make all cash offers, an invaluable advantage in the current market place.
– Private funding also gives you the power to better leverage your capital and invest in multiple projects at once.
– Beyond a loan, a reputable private money lender can provide help in the form of connections, advice, and market research.
Private money lenders only succeed when you succeed. A reputable lender should be interested in forming a long term investment relationship with you, not just a one-off deal. Learn more about what to expect from a fix and flip loan and how to apply by calling ZINC Financial today at (559) 326-2509.