Being successful is something that we all aspire to in life. As fix & flip lenders, we’ve put together some helpful tips and tricks to get you started if you want to be your own boss using the flexibility afforded to you by strong fix & flip financing.
Many fix-and-flip business owners started out as a part-time flipper to preserve a steady income flow and perhaps insurance coverage. However, if you have been flipping for more than 5 years and can save a year’s worth of income, you are ready to become a full-time flipper. Here are some tips to get you started.
Develop a business plan – every business should begin with a plan that succinctly defines its mission and purpose; how it will buy and sell, profitability goals, returns expected on properties; fix & flip financing; major achievements already gained; a market analysis and target properties identified within that market; a marketing plan; known competitors; the company’s advisors; examples of project budgets; and organizational structure and overhead expenses.
Financial support for multiple projects – multiple concurrent investments require teaming up with a fix & flip loans provider that understands and specializes in helping business scale, like Anchor Loans.
Team of advisors – make sure your trusted advisors know you are going full-time and that you intend to keep them busy. It may be smart to have more than one advisor in each category to avoid possible delays and bottlenecks.
Delegate time consuming tasks – for those tasks that have to be done, but maybe are not exactly adding value to your business – delegate them. Examples of these include mowing the lawn of your properties, showing the home, minor repairs and marketing the home.
Create your tool kit – you never know when that next deal will fall into your arms. Always have a toolkit ready to investigate that “can’t miss” property that one of your team member’s just tipped you off about, including a flashlight, business cards, tape measure, camera and calculator and a flip financing partner.
If you still have questions about fix & flip financing, contact us and we can help you through a few of these. We are partners to our clients and want them all to be successful.
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