Forgotten Your Password?

Need to Register?

Question Icon

New to buying house to flip --best advice?

by nacho366 from Virginia City, Nevada. Jul 16th 2020 Reply

I would love have a quick chat with you over the phone to show you how you could use some of our loan products for real estate investment, including flips. Please call me at (626) 627-4289. Thank you!

Jul 16th 2020
Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

House Flipping is not for the faint of heart. There is more to flipping than just getting the right loan. You will need to have the following on your reno team. A good Realtor, a general contractor or someone in the building trades, connection to a good electrical and plumbing professional, a good Mortgage Broker, and a dog. The Realtor can help you find prospective homes, help you determine best offer price and potential value once your reno work is done and help you sell the finished product for maximum dollar. This way you know going in if there is enough money to buy, reno, sell (including sales costs) to make a profit worthy of your time and money investment. A good contractor or a tradesman with a good knowledge and track record to identify costs of specifics in a reno so you don't end up losing money on a flip. They can also help you in identifying less expensive sources for your materials. Connections in the electrical and plumbing field because at some point in time, you will have a disaster blow-up in your face, and you need to be able to call in the big guns fast. Knowing who you are going to call in such a scenario ahead of time makes it less likely you will need them. Having the right Mortgage Professional is paramount to making sure you get the least expensive and most appropriate type of financing. And a good dog. Your dog will be the only one that will listen to you whine when things go wrong (they will), or not as planned (Yep. They will). Or when you learn some hidden defect ups your cost by several grand (yep, been there too) Your dog doesn't need to understand why you did what you did and will not tell you 'It's your fault', he won't judge you, won't talk back or lock you out. If your project goes really sideways, your dog will NEVER hold it against you. Finally, understand that most flippers have made monumental mistakes that cost them money, but the really successful ones learn quickly from them and move on to make more money on future deals. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

Jul 17th 2020
Subscribe to our news feed.