New at fix and flipping
Hi there, I'm considering starting my fix and flip business with a first property in Tampa. How is the market currently? Is there anyone operating in the area who can tell me if it's a good time to buy? Thank you! :)
Most Popular Reply
Hi Lara,
Its always a great time to buy. There's nothing like the present. When it comes to fix and flips the uglier the house the better. The key is to make sure you purchase your the home at the lowest cost and know what your after repair value will be to see if you will actually be able to make a nice margin after netting all cost. Make sure you underwrite your deal to what makes business sense to you. Also have your team ready in regards to whos going to rehab the property. Make sure to move fast as well because on these projects time is of the essence because the longer you hold the property the more money you lose every month. Lastly expect to pay 2-3 points in cost for a hard money loan and rates to be 12-14% for first time investor. Good luck on your first project.