As HGTV flipping shows continue to become more popular, the idea of flipping a home is more attractive now than ever before. However, real life flipping is not what it seems to be on TV. There are so many moving parts to flipping a home, and without complex planning beforehand, a flip can go horribly wrong. At Brass Financial Group, we are here to help! We will now begin posting weekly articles describing an important tip to remember when beginning to flip a home. For this week, we want to focus on how to begin flipping a home. The main idea is that, for your first flip (or first couple flips), aim small.
Everyone has high aspirations when they begin to flip a home. However, instead of opting for that three story, 4-bedroom dilapidated mansion, you should aim for a smaller project when starting out. Although the returns will be smaller, there will be much less stress, and less of a chance of a major financial catastrophe popping up. By purchasing a smaller, cheaper home, you can focus more on learning the ins and outs of the business, and in the future you can apply these lessons to larger homes that lead to more profit. Always look for smaller, single-family homes with lower rehab costs until you have successfully flipped a home for a substantial profit.
At Brass Financial Group, we want to help you succeed in the home-flipping industry. Whether it is through our tips, or our amazing Fix and Flip loan program, we are here to give you the tools you need to thrive in the industry. If you are interested in beginning a flip, and you would like to learn more about funding options, contact us at (609) 800-FUND and we will be glad to assist you!