Once you’ve gotten a few deals through with fix and flip loans, you might start thinking about making house flipping your full time job. If you’re thinking of going this route, you need to have a plan. Sit down with your partner or spouse and talk about a timeline for starting a real estate business. First, be financially prepared. Of course, you want to have a good amount in savings. You’ll probably be living on that for a while. Go over your expenses and be realistic about what you can cut out. But also be realistic about how much money should be in savings. Try to pay off as much debt as possible, too.
Are You Ready to Make House Flipping a Full Time Job?
At some point, you’ll probably find that you have to keep working your regular job while building up your business in the evening and on weekends. Remember that your goal is to be an entrepreneur, in business for yourself. Learn as much as you can about the laws governing small business owners, as well as taxes. Figure out if you need to hire an assistant to make the business really viable.
Finally, set attainable goals. How many fix and flip loans are you going to use to turn a profit? Should you invest in a rental property? Again, be realistic so that you set yourself up for success rather than failure.
Find out more about getting financing to flip houses and invest in real estate at LendingXpress.