New York fix and flip loans have been your dream – especially since you watched the flipping of the oldest house on your block. You never thought it would sell again, but after it was fix and flipped it made bank. And you want in on that.
But as you start to pool together your funds you realize you don’t have a real strategy to use. You only know the basics.
“How can I make New York fix and flip loans a long-term thing?” you wonder. Well, wonder no more. Below we’re going to go over the 5 steps to a long-term fix and flip strategy.
The world of real estate is vast and wide. If you plan things right, you’ll have many years to explore all it has to offer. So that’s why we suggest you focus on thing at a time.
For instance, let’s say you find a slew of fix and flip projects. Some are small houses, some are apartment buildings, while others may be shops. Instead of trying to flip everything, focus on one project type, say small homes.
Instead of trying to flip everything, focus on one project type, say small homes.
Once you have perfected that fix and flip process you can flip your energy into more challenging projects, like shops or apartments.
No one is an island. The best businesses around have a team of people in their corner. Your fix and flip business will be no different. That’s why you need to assemble a team of people you can trust, like:
No business is without its competitors. Even though many of us happily pay upwards of $4 a latte, Starbucks still strives to do better. They view anyone who makes coffee as the competition, even fast food chains like McDonald’s. Your business should do the same.
With New York fix and flip loans becoming more popular, you won’t be the only flipper in town. That’s why you need to sniff out your competitors now. See if you can figure out what their go-to plans are.
A good example of this is cash bids. Suppose you find the perfect fixer-upper. It’s in a great neighborhood, near excellent schools, and the price is easily affordable. Then comes the bad news: Your contender snatched it up with a cash bid. Again.
Now that you know cash bids are their M.O., you can plan for that so next time, you’re the one doing the snatching.
You have to get the word out. You can’t assume people will just know about your business. Unless you get the word out, they won’t. Chip and Joanna Gains are a great example of this.
Before their HGTV show Fixer Upper no one knew who Chip and Joanna Gains were. But the moment they showed the world at large what they could do, people flocked to their business. So many people wanted to work with them that they had to stop doing the show to focus on that.
Now, we’re not saying you should get your own TV show. But you should get your name out there. Otherwise, people won’t know your fix and flip business exists.
In 1956 Warner Brothers released a Merrie Melodies short called “Yankee Dood It.” In the cartoon, the King of Industrial Elves wonders where his elves are at roll call. He soon finds out that they’re still helping a cobbler make shoes.
“But I want to stay in business,” the cobbler tells the King. The cobbler soon learns something that’s still true today: If you want to stay in business you have to revive it with your profits.
That means you have to pool your profits from one New York fix and flip loan into the next. You also have to set aside some of those funds for current trends.
You already know the housing mark changes constantly. The only way you stay on top of the fix and flip game is to keep abreast of changes and factor them into your flipping plans.
If you’re interested in New York fix and flip loans and want to know more, look no further than Gauntlet Funding.
Gauntlet Funding offers the most competitive rates in the market for prime borrowers with no prepayment penalties. We are an organized and transparent system that will get you funded in little time after you have undergone the approval process! Contact Gauntlet Funding today at (631) 465-2161.
How to Build a Long-Term Fix and Flip Strategy | Gauntlet Funding-Melville, NY