Let’s discuss the most successful flippers in the real estate market. Most come to the table for hard money lending with several characteristics. We have seen this time and time again. We’re not saying those new to the industry can’t start a successful real estate career using hard money lending. We’re saying it’s best to benchmark off those who have come before you. Don’t try to reinvent the wheel. You’re dealing with many variables, including various contractors, hard money lending costs, public demand, and an ever-changing market.
For this blog, we’re only going to discuss one of the characteristics of successful real estate flipping using hard money lending – focus. We’ve seen the dangers of losing focus even with the best opportunities in Boca Raton, Coral Springs, Deerfield Beach, Fort Lauderdale, North Miami, and Pompano Beach.
Here are some of the issues if real estate flippers are not entirely focused on their flip.
- Loss of profits. Hard money lending comes at a cost. If you are not focused on getting the flip down quickly, you might see your ROI get thinner and thinner. The initial quick “fix and flip” an investor had hoped for is now stretching out month after month. Don’t be one of those investors who ends up taking a year and comes out with nothing to show for their hard work.
- Delays in getting work done. Did you get all the paperwork for the hard money lending loan application submitted? Is anything missing? Did you remember to schedule the cabinet installer before the granite arrives next week? No? Now you have to delay vendors and work around when they can fit you in next. Delays end up stretching out the project, hiring more workers, paying a rush fee, and goes back to #1 above.
- Start to look at other flips before the first is done. Whoa, slow down. There are great flipping opportunities throughout Boca Raton, Coral Springs, Deerfield Beach, Fort Lauderdale, North Miami, and Pompano Beach. We know it. But get one done at a time if this is your first or a side gig. The quicker you get this one done, the faster you can move onto the next. Once you get too many projects, you start to lose focus on all of them.
At Graceful-Lending, we’re ready to be the hard money lending partner for real estate flippers. We’ve built our company around being your ally, from quick responses to beating any pricing you bring to us. The opportunities in South Florida are endless. So let us help you find the hard money lending you need while you focus on your business plan.