Many of us aspire to launch and operate a successful business. But to do so, you need all of the tools and resources that are available to you. This includes access to funding solutions for your fix and flip deals. Having stated that, we as fix & flip lenders can help. We have information that we’ve put together that you may find helpful. It includes some useful tips and tricks that you can use to get started with your new fix and flip business.
First off, if you’ve been in this business for over five years, and have saved up at least 12 months of income, you can begin working as a full-time flipper. To do this, you need to perform the following:
Create a Business Plan
First things first. Before you can launch a successful business, you need to develop a business plan that clearly defines the various aspects of your business, for example:
- A market analysis
- Your business’ mission, vision, and purpose
- Your team and preferred contractors and advisor
- How you will go about buying and selling properties
- Your profitability goals
- Your expected rate of return on each property, and
- Your fix & flip financing approach among other factors
This will help funders determine whether your business venture is profitable. In fact, they will need to look at some areas more closely than others to determine whether your plan and financial approach are feasible. These areas include:
- Ongoing financing for multiple projects – if your venture requires multiple, repeat investments from a financing company, you may need to team up with a fix and flip financing company or a lending company that has a good understanding of assisting you with scaling your businesses.
- A team of contractors and RE advisors – it’s important to work with and has trusted advisors on hand – letting them know that you potentially have full-time work for them and plan to keep them busy. You may also consider having more than one team member in each area to reduce the possibility of delays and any bottlenecks.
- Accessible tools and resources – since you never know when you might be presented with your next opportunity, it’s important to always have access to everything you need to close your next deal. This helps you to avoid missing that next big opportunity. This includes tangible items as well as your new funding partner.
If this interests you, contact Fast Commercial Money for more information and to learn about how to move forward.