Hi there! I'm Melissa Lynch, Portfolio Manager here at Walnut Street Finance. As you may know, we're answering commonly asked questions on our blog. Chip Sher has weighed in on a few already, and today, I'm going to share a few tips with you about where to start when renovating a fix and flip.
We see it all the time: A prospective borrower with a brilliant plan is interested in an investment property for a fix and flip - but at the crucial moment, their plans are dashed by a less-than-perfect credit score. Why? Because bad credit is almost always an insurmountable barrier to acquiring funding from traditional lenders.
Sometimes, the hardest part of fix and flip investing isn’t the work you put into the house - it’s finding an actual buyer. To make this a little easier, we’ve put together this handy guide of the four easiest ways to make your fix and flip attractive to potential buyers.
There’s no denying that fix and flip TV shows are entertaining to watch. Programs like Flip or Flop, First Time Flippers, and Fixer Upper draw in viewers with big margins, beautiful homes, and rapid renovations.
Fix and flip: Maybe you’ve seen it done on TV, maybe you heard about it through a friend who’s just quit their job to become a full-time flipper. If you’re looking for a tell-all guide to fixing and flipping houses for profit, you’re in the right place.
Finding the perfect property in Hampton Roads (or anywhere for that matter) can be difficult (even discouraging) if you don’t know what to look for. The key to unlocking profitability lies in understanding the neighborhood and knowing ahead of time what factors will influence the ultimate value of your investment.
If you're a fan of Chip and Joanna Gaines -- let's be real, who isn't -- you're familiar with their Texas-size success story, but what isn't apparent on the television version is just how hard they work and how much they worried.
Americans have a love affair with labels and now Millennial flip and fixers are being dubbed “Flipsters.” If you haven’t already guessed, the term is a conflation of home “flipper” and “hipster.” Bring those two ideas together and you have people engaged in a niche area of home renovation and resale. This next generation of real estate investment professionals has emerged as a fascinating subculture with goals, drives and a lifestyle that exists outside the mainstream.
Considering a fix and flip in Hampton Roads? Before you buy any property, it’s important to fully understand the region - get to know the people, the economy, the housing market, and anything else that might affect your bottom line.
Fix and flip projects are not for the faint of heart - they’re a big commitment, they can be stressful, and above all else, they require a lot of hard work. For these reasons, people with certain traits tend to be highly successful in the craft - while those who don’t have those skills (and won’t hire someone who does) have a much harder time.