Successful house flippers earn exceptional return on their investments, raking in as much as six figures a year through the smart and savvy purchase and resale of homes. But successful house flipping takes a lot of work and strategy. If you want to try your hand at the house flipping market, these are some of the most important tips that you will want to follow in order to succeed.
1. Do the math
Knowing exactly what you’re getting into ahead of time by figuring out all of the numbers is essential to success. You need to know the current value of the property you are interested in as well as a reasonable estimate of what you can expect to obtain for it. In addition, you need to know how much your renovations will cost, what their potential ROI will be, what the housing market is currently doing in the specific neighborhood that you’re interested in, and how quickly you can expect to resell the house after your initial purchase. Figuring out all the key statistics as well as the actual costs and projections involved in your investment will help you make smart investment decisions before any money has actually changed hands. By working with a private money lender like ZINC Financial, you can get the assistance that you need to figure out all of this math and rest easy that you haven’t overlooked anything.
2. Renovate for the buyer, not for yourself
Some new house flippers make the mistake of purchasing a smart investment property, but then renovating it to be their dream home. Remember that you’re not the one who’s going to be moving into this house, so you want to make renovations that will appeal to the widest audience possible. Find a solid general contractor who can help you make updates that will have maximum ROI while appealing to broad tastes. Neutral colors and open spaces are generally a good idea. This is another area where ZINC Financial can help you make renovation decisions that will boost your investment.
3. Find a partner you can trust
House flippers who have a great deal of capital lying around can go it alone, but even investors who are able to purchase homes with cash often turn to rehab loan lenders. This is because a private money lender like ZINC Financial can both help you leverage your wealth to invest in more properties and can help ensure that you make smart decisions. ZINC Financial has years of experience helping house flippers get the funding that they need in as little as 7 to 10 business days. The company also helps ensure that investors have smart advice and a reliable advocate on their side throughout the investment process.
If you’re interested in learning more about the loan programs offered by ZINC Financial, please call (559) 326-2509 to speak with an experienced advisor about your investment today.