The fix-and-flip business model for real estate professionals can be very appealing, since it doesn’t really involve any physical labor, and the profits can be considerable.
If you’re looking for financing to get you started in the world of fix-and-flip, here are some handy tips that may help you get where you want to go.
Prepare a good business plan
Every good business should start with a solid business plan that identifies its purpose, including its goals for profitability, expected returns, fix-and-flip financing, how you’re going to buy and sell, a good market analysis, and even some potential target properties. You should also have an idea about your competition, and about project budgets as well as overhead expenses.
Support for multiple projects
While you should definitely start out with a single project, you will soon reach the point where you want to be involved with multiple fix-and-flip projects. In order to accomplish this, you’ll have to team up with a fix-and-flip provider, who understands the business and can help you achieve your goals with real estate.
Team of advisors
Everyone who gets involved in the fix-and-flip business should develop a team of advisors they can count on, especially if it’s going to be a full-time concern. When you’re assembling your team, it will be a good idea to have an advisor in each of several categories, so that you’re ready to proceed full steam ahead.
Delegate tasks which are time-consuming
There are bound to be some tasks which pop up which have to be done, but which don’t really add value to your business in any way. These are tasks which should be delegated to others, so that you can focus on the most important task, which is growing your fix-and-flip business. Leave the lawn-mowing, the minor repairs, and the showing of homes to others, while you focus your talents on more important activities.
Are you involved in fix-and-flip property investments?
Even fix-and-flip professionals require funding for their operations, and we may be able to provide the funding you need to carry on your operation. Contact us at Rotay Capital Finance, so we can discuss some financing options with you that will help you continue on with your business.