Flipping a property when the time is right can reap significant rewards, anywhere from a ten to fifteen percent return on investment in some cases. Flipping combined with the flexibility of a hard money loan presents a great opportunity to become acquainted with real estate investing and construction. With a few tips, you can potentially maximize your earnings and avoid pitfalls such as running into trouble with getting the necessary permits.
For starters, it’s important to have a solid, carefully thought out plan that includes a time frame to renovate, list, and sell the property. On that note, make sure the property you will be rehabbing has received an inspection to avoid dealing with a costly lemon.
You may be tempted to take care of the construction yourself to save money but this may prove risky. If your renovation skills aren’t up to par, hiring pros may cost more but it will keep you on track and reduce the odds of running into issues that may derail your flipping timeframe.
This update is by hard money lenders 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 a hard money lender Orange County or a mortgage broker Orange County, please call 954-816-0388 or fill out our application.