If you do it right, you can make a decent living from fixing and flipping properties. It’s essentially purchasing properties at a lower rate, renovating the house into a much better state, and putting it up for sale for a much higher amount.
Despite its profitability, there can be a hurdle in fixing and flipping because of its financial aspect.
The act of fixing and flipping houses is not cheap, and one may not have enough funding for it initially. As more and more investors enter the market to flip old properties, there definitely was a call for a new type of financing. Thus, fix and flip funding was introduced to the market.
What is Fix and Flip Funding?
Fix and flip funding is an option available for those who need extra financing in order to push through with this venture. Thanks to this type of funding, investors have a cushion in order to lessen the burden of home improvement costs which can range from small renovations to total reconstruction.
When it comes to fix and flip funding, the clients are asked to make a write-up about the property in order to assess whether or not it’s going to be a good flip. The write-up will include the address of the property, sale prices for similar homes around the area, as well as an examination of the neighborhood the house is located in.
Additionally, the strategy and timeline of the project are also needed, as well as some background information on who will assist you in the project and an alternative plan should the renovation not go according to plan.
Benefits of Fix and Flip Funding
Fix and flip fundings present a lot of advantages for those who apply for it. This financing option offers fast funding with flexible terms, which means profits come at a much faster rate without having to shell out huge amounts for repayments. Additionally, there are no prepayment penalties which allows you to retain your earnings after your property gets sold.
How REIL Can Help
It’s crucial to take note that it’ll be much more difficult for traditional banks to give out funding for this purpose. With REIL Capital, we make it easy for you to pursue your fix and flip funding passion. When you apply for fix and flip funding, you will be needing some documentation such as your application form, three months’ bank statements, personal bank statements, and others.
Furthermore, you need to have a credit score of 550 and above and a successful fix and flip history in order to get approved. For more information about our fix and flip funding service, you can refer to this page. But we made sure that our application process is streamlined to make it more convenient for investors to apply, with no hassle over here!
For other concerns and inquiries, feel free to contact us and we’ll be happy to help you out!
