Are you a fix and flip investor, or are you considering jumping in? More than 207,000 homes were flipped in 2017, that is the highest number in a decade. Over 138,000 people or companies flipped homes last year, also a record high. These numbers were provided by a recent report from ATTOM Data Solutions. A flip is defined as a property bought and sold in the same 12 month period.
There are many serious items to consider before starting your first flip, finding the right property at the right price, selecting the right contractor after vetting them thoroughly, (learned that lesson the hard way on my girlfriends current first flip as discussed on my instagram @ralphspodcast), double checking every permit needed before starting any work, and finding the best financing partner for your flip or investment rental project.
On episode 16, we are joined by Stephen Ballard, of RCN Capital, (www.rcncapital.com) RCN is a leading, nationwide, fix and flip and investment property lender. On the episode, we discuss the interest rates and costs investors could expect, the process from application to funding, (typically two to three weeks), and the range of projects RCN can finance. Stephen is a very informative guest, and offers advice for both new fix and flip and seasoned investors. Stephen can be reached at 860 479 6399 and at email@example.com. Let him know you heard him on ralphs podcast.
Follow along with a first fix and flip project I am assisting my girlfriend with in Kenosha Wisconsin, both on Instagram and Twitter @ralphspodcast. I have uploaded two videos so far and will add more content as the project moves along. So many lessons have been learned. The project started in August 2017, with a target end date of late October. After the first contractor was fired, and a number of permit delays, she is now about 50% completed. The fix and flip business has a number of rewards, but a number of hours of research and work need to be put in to make sure all proper steps are taken.
I would love to hear your fix and flip stories as well!! Please email me at firstname.lastname@example.org, or reach out @ralphspodcast on instagram or twitter. You can also reach me on Facebook at Financially Empowered, via Skype at ralph.russell91, or you can reach me at my office at 312 582 0929.
Coming up on future episodes of Financially Empowered, we will discuss student loan refinancing options, mortgage options for your personal home, and SBA express loans for your small business.