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patriciaharward · 7 years ago

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How to Get Started Flipping Houses

Starting your house flipping business can be very exciting! This is especially true if you have the vision and the passion to want to become a successful house flipper. But your passion is not enough. There are several important elements you have to know and consider to start the business correctly. Remember we don’t want to spend time doing the wrong things or focusing on the wrong elements.

Below are some helpful steps that will help you Get Started Flipping Houses

Begin by having a solid business plan. You can’t just launch a business without properly planning anything. Take the time you need and use as many references that you can find. Start building and defining your goals. Consider factors like your budget, what types of properties you want to work on and where you want your market to be. Also, don’t forget the people who you need to make all these plans happen.

Analyze your market and where you plan to purchase your properties. Say you want to start house flipping in Pennsylvania. You have to make sure you know what the real estate price trends are in your selected area as well as if there are upcoming developments and the average number of days a property is listed before it is sold. The info you’ll gather will tremendously help you create strategies once you start selling.

Know your potential clients. Who are you planning to sell these properties to and where will you find them? What are the things they want with their homes? What are their preferences? Find answers to these questions. The more you know about your target clients the better you can come up with a real estate sales strategy.

Find the right financial source for your business. Most of those who are starting their house flipping business will need to find where they will get their funds. You can try applying for a bank loan but know that this usually takes time and time is of essence when you are in the fix and flip industry. If you need to have your loan approved fast and get the funds you need in just a couple of days, then fix flip loans is your answer. This is also the best way to get your financial funding when you are just starting.

For more details on how you can start your house flipping business, contact FixFlipLoans.com and we’ll be glad to assist you.

The post How to Get Started Flipping Houses appeared first on FixFlipLoans.com.

Appeared first on https://www.fixfliploans.com/

How to Get Started Flipping Houses syndicated from https://www.fixfliploans.com/

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patriciaharward · 7 years ago

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How to Build a Real Estate Investment for the Long Term

Many investors look at real estate as a short-term business opportunity. This especially holds true with the house flipping industry where one buys a property, renovates it then sell it. It may be a one-time gig for some but to those who want to thrive in the real estate business, house flipping is a very lucrative way to earn and make it as a long-term business.

Here are the three fail-proof strategies that will bring you closer to a successful house flipping business:

Focus and master one thing at a time.

There’s so much to learn when it comes to the real estate industry since it is a very diverse field with a lot of factors and strategies to consider. Instead of burying yourself trying to master all these strategies and skills, it is better to focus on them one by one. Make sure to develop and master one skill first before going to another. That way even if it takes time, you will soon have the skill set you need in order to succeed.

Know your competitors.

Real estate is a competitive industry. That is for a fact and in order to thrive, you must understand and know what your competitors are doing. Be vigilant and know what others are doing wrong and what makes other succeed in your industry. Use what you know to your advantage and be ready for different kinds of conflict from the various competitors you have.

Create your own team.

It is important in this kind of business to work with the right people. Any lost time means loss of profits and this can happen if you work with the wrong team or depend on something that will not work out fine in the end. Find the experts that can help you make any work flows smoothly and that includes contractors, builders and even the financial team that will help you fund your next fix and flip project.

Making money from fixing and flipping homes requires more than just finding the right property or the right contractors. In order to succeed, there are several factors that you need to consider and make them a part of your strategy. With the right information, knowledge and people to work with, you can expect higher revenues when you invest in real estate.

The post How to Build a Real Estate Investment for the Long Term appeared first on FixFlipLoans.com.

Appeared first on https://www.fixfliploans.com/

How to Build a Real Estate Investment for the Long Term syndicated from https://www.fixfliploans.com/

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patriciaharward · 7 years ago

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Fix Flip Loans for Flipping Houses

One of the most popular ways to earn from real estate investments is by flipping houses. You purchase a property, renovate or fix it then resell it at a higher value. However, this is easier said than done and most investors and developers in this line of business always find it hard to get funding for their projects.

Looking at the various financing options available for house flippers, applying for a fix and flip loan is the most sound option. There are also other existing means where an investor can secure funding, but the fix and flip loans from private money lenders can provide better benefits.

Let us take a closer look at the top three reasons why a fix and flip loan is way better compared to other funding sources:

Faster closing and fund availability

Fix and flip loans can provide the borrower a quicker close time compared to traditional bank loans. When you apply for a regular bank loan, the whole process can take at least a month. When you decide to go to a private lender for fix and flip loans, you can get approved in as fast as one day and can get your funds in 7-10 days.

More convenience and less hassle

Bank loans can drag for a long time especially if the bank demands a lot of documents and requirements so that you can start applying for a loan. They also have a lot of restrictions which gives them the authority to appraise your property and only grant you the amount they deem suitable. With fix flip loans, you have a streamlined process with fewer requirements and a team of professionals to guide you.

Loans are focused on the business, not the borrower

Traditional loans usually look first into the credit history and the resources of the borrower. This makes it hard for first-time flippers to secure the funds and also discourage a lot of experienced flippers. With FixFlipLoans.com, the success of your business comes first that is why we make the application simpler, the requirements lesser and the whole process easy for the clients so they can get things done as soon as they can.

House flipping is now a lucrative business and if this is your passion, then access to funding should not be a hindrance. Understanding all available options will give you the knowledge to make the right loan for your fix and flip business.

The post Fix Flip Loans for Flipping Houses appeared first on FixFlipLoans.com.

Appeared first on https://www.fixfliploans.com/

Fix Flip Loans for Flipping Houses syndicated from https://www.fixfliploans.com/

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patriciaharward · 7 years ago

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Fix Flip Loans for Flipping Houses

Let us take a closer look at the top three reasons why a fix and flip loan is way better compared to other funding sources:

Faster closing and fund availability

More convenience and less hassle

Loans are focused on the business, not the borrower

The post Fix Flip Loans for Flipping Houses appeared first on FixFlipLoans.com.

Appeared first on https://www.fixfliploans.com/

Fix Flip Loans for Flipping Houses syndicated from https://www.fixfliploans.com/

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patriciaharward · 7 years ago

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Hibernate Luxuriously in This 5,572-Square-Foot Cave Mansion

When most people envision their dream home, they describe large kitchens, beautiful hardwood floors and clawfoot tubs. But not John Hay.

In the mid-1980s, Hay – founder of the Celestial Seasonings Tea Company and great-great grandson of U.S. Secretary of State John Milton Hay – purchased the Beckham Creek Cave in Parthenon, Arkansas. He had plans to transform it into a 10,000-square-foot bomb shelter, consisting of cinder-block walls, plywood flooring, 11 coats of clear epoxy on the natural formations of the cave, and an internal freshwater spring.

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He stocked it with enough freeze-dried food to keep 50 people fed for up to two years, and he twice had his religious group sit out bomb scares in the cave. By 1987, Hay realized the end of the world wasn’t coming quite so soon. Various records indicate the property was sold to a man known simply as “Mr. Richardson,” who had a different dream in mind when he came into possession of the property.

Soon after turning the space into a $6 million clubbing venue, Mr. Richardson held a grand unveiling that welcomed over 250 esteemed guests, including Michael Jackson, Elizabeth Taylor, Diana Ross and many other Hollywood elite.

It’s no wonder that in 1994, John Hay repurchased his now illustrious cave.

In the decades following, several new owners have taken hold of the 257-acre property, each one undoubtedly in awe of the great room’s 40-foot rock ceilings and 2,300 square feet. Stalactites descend from overhead throughout the 5,572-square-foot home, and raw rock has been used wherever possible to maintain the unique character of the space.

Though it’s been renovated several times, the sprawling cave has kept its surprisingly cozy charm intact. Part of the reason the cave’s natural features have been preserved is surely thanks to Hay, who reverently told People magazine in 1988 that the home’s “original architect was God.”

The bad news – every dream home comes with its own downfalls, after all – is that a few of the stalactites drip. However, the whole property is climate-controlled thanks to geothermal units throughout.

The 4-bed, 4-bath cave home will run its next owners somewhere around $2.75 million. And while it doesn’t have those coveted hardwood floors or the clawfoot tub that fantasies are made of, we still consider this incredibly cool residence to be a real gem.

This Home Looks Like a Barn (But Has Enough Room to Be a Small Castle)

This Remarkable Home Is Anything but Square

Sleep Under the Stars in This Tiny Cabin Near a National Park

Hibernate Luxuriously in This 5,572-Square-Foot Cave Mansion syndicated from https://www.zillow.com/

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patriciaharward · 7 years ago

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How to Move Cross-Country: See How These Renters Made It Work

When former New Yorkers Erica Warren and Cici Harrison drove across the country and settled in the Pacific Northwest, they had a list of criteria for their new rental.

They’d need a parking space, a home office so Erica could work remotely and, of course, a yard so they could adopt a dog. And this rental couldn’t be too splashy, because a cross-country move is expensive enough.

All of this complicated their search in Portland’s tough rental market. Luckily the couple were able to stay locally with friends until they found the right rental. And their new home ticks all the boxes – while requiring some minor compromises to make it all work.

We chatted with Warren to hear how she and her wife navigated a cross-country move, including finding a home in a new city and making their new rental feel like home.

Where is your home, and how long have you lived there? We’re in the Southeast, specifically the Richmond neighborhood. We moved there in March of 2017, and we’ve been there a year and a half.

How did you find your rental? When we got here, we were staying with Marty and Tera, our friends who live here locally. The day after we arrived, there was the biggest snowstorm Portland had ever had in 30 years. That put a damper on our apartment searching, because we couldn’t drive our car or get anywhere. This place was actually the first one we saw, because it was in walking distance from Marty and Tera’s house.

We heard about it because Tera had sent an email around at her job asking if anyone had a lead on a rental. Someone else who worked with her had recently purchased a duplex and was looking for renters for the other side.

We walked over and saw it, and it was a very nice place. But it was the first place we looked at. We had no context for if it was a good deal or not. Of course, it seemed like a good deal to us, coming from New York. I was like, “It has a washer and dryer, it has a yard – I’ll pay any amount of money for that!”

So we didn’t say yes right away, and then we probably spent the next two or three weeks looking at places. We looked at about a dozen places all over the city. We saw all the different variations.

At some point we were almost ready to sign a lease on a 1 bedroom in a new apartment complex. It was, on paper, everything we were looking for. And Cici, out of nowhere, goes, “Why didn’t we want that first place that we looked at?” The one we were going to sign a lease for was 1 bedroom, and this was 2 bedrooms, and it was bigger, and the monthly rent was less. And we were like, “Oh, that was a much better place!” So we emailed the landlords to see if it was still available, and it was.

What price range were you looking for, and what did you end up paying? We were looking in the $1,500-$1,700 per month range. This place ended up being right in the middle. It was $1,600 when we started the first year we were here, and it’s now $1,685. It seems like a pretty reasonable price for the neighborhood we’re in, because the rental market in Portland seems to be growing so fast.

What was the application and approval process like? It was really straightforward. Our landlords live on the other side of the duplex, and they’re really nice people. I think they were looking for good neighbors as much as they were looking for good tenants. So I think that also helped with the relationship.

Were there any surprise fees? We paid first month’s rent and a security deposit. The only extra fee when we moved in – we had just adopted Billie, and they had a $25 monthly dog rent. Which they told us about beforehand, because we were very particular about wanting a building that would allow us to adopt a dog. We got her a month after we moved in.

What was your cost of moving across the country? We paid about $5,000 total for a full-service moving company, which is a lot of money. It was our biggest moving expense, but all we had to do was box up our things. They sent a whole team of people, packed our stuff into a storage cube, stored the cube for us, and then when we found a place, shipped it across the country. We didn’t have to do any of the logistics, and we didn’t have to do any of the carrying of things – we just had to pack a few boxes and unpack the boxes when we got here.

New York is notorious for small apartments. Is your Portland space bigger or smaller? It’s slightly bigger, and I feel like it’s most noticeable in the kitchen. The kitchen that we have here is two or three times bigger than what we had in New York. I didn’t know how much I wanted a really nice kitchen, but now that I have one, I’m like yes, this is exactly where we needed the extra space!

We also have outdoor space, which makes a huge difference. It’s not huge – it’s more like a patio than a yard. We have a little grill, and we can sit out there on a nice day. Plus, it’s got a fence, so we can let our dog out.

Did you have any challenges making the place functional? Nothing major. It was built in the ’60s or ’70s, but the landlords had renovated our unit before we moved in, so the kitchen, bathroom and flooring were all brand new – you know, everything works and is nicely designed, so that helped.

I did a little bit of work in the yard, just because it was a little muddy, and it’s Portland, so it’s wet in the winter, and Billie likes to dig. I got some pebble stones to fill in some of the muddy areas. We got into some light container gardening, because we never had outdoor space in Brooklyn. So we have a little blueberry bush, some star jasmine and some other little things I’m trying not to kill.

What else have you done to make your rental feel like home? We painted a couple accent walls, which our landlords were totally fine with. We have this wide picture window in the living room that faces the road, but because of that you can see right into our house. So we got a custom shade that you can pull up from the bottom or pull down from the top, just so that we can have privacy but also sunlight if we want.

How long do you think you’ll stay? I don’t know specifically. When we moved in, we talked about how we’d love to stay here until we’re in a position to buy a house. One day I’d like to own a house – a dining room would be nice at some point in my life. But where we’re at right now, this is the right amount of space, and it’s a really great neighborhood.

What do you want from your next place, other than a dining room? A big fenced-in yard for Billie! Cici’s mom sent us an article about how the thing that’s finally getting millennials to buy houses is their dogs.

I’d also like a little bit more guest space so we could have people visit more frequently, because all of our family is on the East Coast.

And this is 100 percent because Cici has already claimed it – whatever house we buy has to have a basement so that she can play drums there. Number one is a yard for Billie, and number two is a basement for a drum kit and band practice.

Erica’s tips for finding a rental in a new city

1. Look around to get a sense of the market

Look at as many places as possible. Because even if you don’t want that unit, it gives you a sense of the market. So when you do find a good deal, you know that you have a good deal.

2. Know where you’re willing to compromise

If you have enough money that you don’t have to make sacrifices in renting, you probably don’t need to be renting. So everything’s a trade-off. There’s not a perfect rental out there. So it’s like, “This place has 2 bedrooms, but it’s more expensive, or this place has a bigger yard, but it’s farther out.”

3. Get a little help from your friends

We were so lucky to stay with Marty and Tera in their guest room until we found our own place. And Tera emailed co-workers to see if they knew of any rentals, which is how we ended up finding this place.

4. Conserve your energy and hire a full-service moving and storage company (if you can)

There’s enough stress in moving at all, amplified by moving cross-country. We probably could have gotten a U-Haul, packed it up, driven it cross-country and put our stuff into a storage unit here. But the logistics, let alone the physical labor, were not extra pieces of stress we needed. And even though it was really expensive, it was worth every penny.

Apartment photos by Erica Warren.

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How to Move Cross-Country: See How These Renters Made It Work syndicated from https://www.zillow.com/

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