It is a common way to feel – the first couple of moments of spring warmth. The season of rebirth is rapidly approaching—and much like the natural processes around us every day—it’s time for those in the real estate industry to begin building for the future once again. Springtime makes for the perfect season to dig into fix and flip projects. As the weather shapes up and your interior rebuilds from the winter reach their final stages, here are a few tips for your vernal fix and flips.
Planning Your Fix and Flip Financing
Get your funding in order – Foresight is irreplaceable in the real estate and house flipping industry, and if it’s been a while since you checked up on your finances, treat yourself to a day when winter rears its head up once more to make sure you have your capital in order.
If you find any shortfalls or surpluses, work with them! Remember that you have resources which can help you through any unexpected financial circumstances. A fast, easy to deal with asset based Fix and Flip lending like EMCAP Lending may just the resource you need.
Remember, there is always benefits to completing your due diligence and the impact of good research may be even stronger when it is your financing that you are planning. Talks with several lenders about your project and compare their terms. Important elements to consider are the upfront closing costs, the time it will take to get the project funded, and the repayment terms.
Starting a House Flipping Project
Start! – Every investment real estate project starts… somewhere. Where that journey begins is up to you, so get it going! Many fix and flips require a lot of supplies hauling and contractor contacting; knowing this can make building your checklist easier.
Depending on the needs of your specific project, starting small can help you wake back up after a winter hiatus. Beginning your next flip with updated lighting features or cabinet hardware can provide immediately noticeable checks to your list.
Take a look around – The spring weather can make investment properties look especially appealing. With the new-life flora blooming in the coming months, be sure to scrutinize prospective properties to the same degree as you would have when you look during the dreary days of autumn and winter. Similarly, lots of investors will be out to find market steals again: know when a deal is a deal and don’t buy in too soon just because the pressure is on.
Prepare ahead of time a thorough list of criteria that your potential fix and flip must pass to be considered a good investment. Don’t compromise on that criteria just because a house “looks good” in all its spring glory.
Current Projects Vs. New Flip Projects
Prepare for the coming year – While your current house flipping projects need attention, too, be ready for new investment successes down the road as well! Spring provides the perfect opportunity to get out and visit prospective properties, start calling trusted contractors to get those properties updated, and plan for open house opportunities once your properties are ready to hit the market.
Autumn open house dates can help encourage sales of single family or other smaller properties, so start setting your deadlines now. Having a plan and your goals laid out ahead of time can build successes in ways which you haven’t known—yet.
There is no doubt that springtime is refreshing. With the days getting longer and your favorite flowers blooming again, setting up workloads for the year to come can help you accomplish goals, invest in successful house flipping projects, and prosper through to the next year’s spring. No matter the time of your, if you find yourself in need of a fast, reliable asset based lender, please consider EMCAP Lending! For more information about how we can help your springtime Fix and Flip project be successful, contact us today.