Are you thinking about how to turn your fix and flip hobby into a lucrative profession but are unsure about the steps you need to take? The following tips will help you set the foundation to scale up your business and maximize your profits.
Learn Even More About Flipping Houses
Education is an important tool for pretty much any endeavor. House flipping is an expensive undertaking that can have many pitfalls for the unprepared. There are some very helpful resources and communities out there to join and learn from. There are numerous home improvement blogs and forums that allow you to connect with fix and flip investors from all over the world.
BiggerPockets: The Real Estate Investing Social Network, offers free tips and education. Invest Four More is a blog about owning more than four rental properties. Search Meetup.com for Fix and Flip groups that host events in your area. LinkedIn is also a great place to search for articles and see how other professionals are building their business. Once you start networking, researching, and socializing you’ll see that there’s always more to learn if you want to start really pulling in profits.
Get Better Financing
You’ve already found financing and had a successful project or two, so you’re off to a great start. You don’t need a tremendous amount of cash flow to turn your hobby into a business though. Some fix and flip investors secure financing from banks, partnerships or other lenders.
Some funding options have benefits and drawbacks. It’s a good idea to secure your financing before you start seriously looking for properties. That way, you can jump on a property quickly once you find the right one. Gorilla Capital has programs that can help.
Don’t Work Harder – Work Smarter
In today’s culture, people brag about how hard they work as if it is a badge of honor. However, working too hard can be counterproductive and lead you to make mistakes or burn out from exhaustion.
Getting organized is one of the most important steps you can take to successfully grow your fix and flip business. Set realistic goals about the types of property you can afford—and how much money you have available for remodeling. Be clear about the scope of your remodeling project and stick to your plan.
Enlist a Great Team
Let’s face it. You can’t do everything on your own. Part of growing a successful business is having a team of contractors and other trusted individuals to help you meet your business goals.
At Gorilla Capital, we understand how difficult and time-consuming it can be to find a team of reliable contractors. That’s why, in addition to providing funding to fix and flip investors, we also offer office support and access to a group of preferred contractors and vendors. This funding relationship takes away much of the stress of operating a fix and flip business, letting you focus on securing more deals, getting a faster turnaround and a higher return on your investment. Get in touch today!