You’ve secured the hard money loan funds for a fix and flip. As an investor, time is of the essence as it can affect the bottom line because of factors like loan interest payments, changes in the market, or property taxes. Furthermore, the project risk increases as time passes between its purchase and sale. How do you minimize the time with a fix and flip?
Gather a team. Investors often choose to collaborate with individuals like a contractor, lender, and a real estate agent to accelerate the flipping process. Having a team reduces the time needed to research and screen prospective service providers.
Stick to cosmetic rehabs. Variances can instantly torpedo any plans for a quick flip. There is no surefire way to determine whether variances will receive the green light, which is why simple rehabs can cut down on the time it takes to make repairs and stick to a well-defined schedule.
List before completion. In the majority of scenarios, you can list the property without having to have every detail complete. Focus on the least visible spaces like the basement last so the listing can go up sooner. You may wish to stage certain rooms like the kitchen, living room or master bed and add them to the listing. With this approach, prospective buyers can check out the home while the finishing touches are added, significantly cutting down the time the fix and slip will spend on the market.
This update is by hard money lending Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money lenders Miami or hard money loans Miami, please call 954-816-0388 or fill out our application.