You are taking on a fix and flip project and your rehab and repair list feels like it is ten miles long. If you hire a contractor for every single item, you may find yourself out of money quickly, no matter how large your private lending loan for investment property may be! Especially when you are working with an investor loan, you want to be sure that your fix and flip is profitable, so it’s a good idea to focus on do-it-yourself work for some of your to-do list.
Most people who get into the fix and flip business have some level of aptitude with fixing things up. Whether you are an expert at painting or know your way around refinishing hardwood floors, look to the strengths you already have when determining what you can and cannot hire out. If you have experience with plumbing, for example, it probably makes sense to keep that part of your private lending loan for investment property and spend it on something that you cannot reasonably handle yourself.
Your own schedule may also determine how much you want to hire out. If fix and flip properties are your day job, you will have plenty of time to work on the project, but if you have a demanding job outside of rehabbing and renovating you might find that you simply do not have time to handle everything yourself.
Luckily, it is easy to contract out as much or as little of the fix and flip work as you want. An investor loan is a great way to ensure you have all of the funds you need for every part of your project, from closing costs to purchasing fixtures and other repair needs. Private lending makes it easy to quickly secure the cash you need to make your property shine, and a loan for an investment property ensures you will be able to pay for any contracting services – or buy the tools and equipment you need for DIY work.
Deciding what to DIY and what to hire out is a personal decision, influenced by your skills, time, and overall schedule for putting your fix and flip on the market. No matter what option you choose, leverage your private lending loan for the investment property and make the most of your renovation dollars to ensure you generate the most profit possible.
If you are ready to take on a new rehab challenge, and need funding, Center Street Lending can make it happen. We lend in CA, AZ, CO, UT, TX, FL & NC, up to 80% of the property purchase price as well as 80% of your anticipated rehab costs. Give us a call today at 800.208.1803, or request a no-obligation quote online. We use a simple, streamlined process, and can fund your project in as little as 24-hours!
Center Street communications are not intended to provide business, legal, tax, investment or insurance advice. No Center Street communication should be construed as a recommendation for any business or investment strategy by Center Street or any third party. You are solely responsible for determining whether any investment, investment strategy, business strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation.