With the growing popularity of all of the property rehabber shows on TV, more and more people are jumping into the game and making some good money! I've done it too.
My last flip was a front/back duplex in Rockland. We acquired it at $274,000, rehabbed it with a $55,000 budget, had about $30,000 in lending costs and sold it at $425,000.
The first step to buying is to prepare. Get your funding lined up so that when a candidate property comes on the market, you're ready to jump on it. Our early alerts will notify you within 15 minutes of a new property coming on the market. That extra jump puts you a day ahead of most of the Zillow/HGTV crowd.
Many rehabbers use hard money loans. Easy to get, high cost, but short term. Unless you can fund the project yourself, these are go-to loans.
I can refer you to a hard money lender if you like.
Finding the flip is only half the battle. You have to buy it right.
I have seen far too many instances where unguided buyers overpay for a home where there' just not enough room left for a profit. And I've seen some where I'm sure they're going to end up with a big loss.
I'll help you to make better decisions, even if it means walking away from an otherwise good, but overpriced deal.
I'll screen candidate properties for you. I'll look through the area to give you reasons not to buy. Things that will make your flip harder to sell when the time comes. That means looking out for things like nearby train tracks, rifle ranges, air strips, flood zones, school zones, landfills, etc.
Then I'll run comps so you'll have a good idea of ARV (after repair value). Not the ballpark comps like you'll get from Zillow and their ilk, but manual comps, done right.
I'll push hard to get repairs and /or price concessions from the seller. That's a big part of buying it right.
From developing deep comps to justify our offer to presenting a scope of work to the seller to playing hardball when necessary, I'll pull out all the stops to get you the best possible deal.
I'll work closely with your lender and attorney to get us to the closing table on time so you can start work ASAP.
Our aggressive marketing plan starts with a "Coming Soon" listing when ws we get within about 6 weeks of selling.
Then, I'll execute my recipe for stoking a bidding war. It's a carefully orchestrated series of well timed steps that's designed to get buyers bidding agains each other. Click this link and see what my client Johnny had to say!
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