To get started with fix and flips, first define your criteria, including location, property type, and budget.

Hi Joe,Using a Home Equity Line of Credit (HELOC) on your primary residence can be a practical and low-cost way to fund flips, especially since the terms you mentioned include only a $200 yearly fee.

Screening tenants well and then a security deposit or credit card hold process in place will limit liability.

Most assignors in my area of Texas have virtually no concept of the real costs associated with an investment, including acquisition, hold, remodel and sale costs.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

Good question to ask when screening a PM is if they are real estate investors themselves.If you want a PM to be proactive or knowledgeable on where/when to add value (asset management assistance), find one that is an investor.

I take a percent off of total top line (including cleaning fees) that is 5-10% less than what a local "hands on" operator would charge.

Would that loan include the renovation costs based on the ARV?

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

The reason for this is there is certainly a lot of heavy lifting of resources required by a property management team to bring on a new resident including rent collection, setting proper expectations, accounting and building a positive relationship in the first month.As far as the quick re-rent of your home, I was hoping that would be something in which you'd see the value of working with us.