Throughout our time lending in Texas, we’ve come across a number of flippers who have a deep comprehension of what it takes to fix and flip Texas properties successfully. While our borrowers have diverse backgrounds: ranging from landlords, to flippers, to ground up construction, we’ve gathered information from them so that newcomers to the trade can benefit from the knowledge.
1. They always plan before they start. In order to be successful, it’s important that an investor really knows what they are getting into before they start any fix and flip project. There is a lot involved in the process, and you want to make sure you are prepared for each challenge you’ll face. Before investing it’s a good idea to have a cushion built up so that you’re not under stress the whole project. Rather than paying for a cheesey class or an online get rich quick scheme, take the initiative to learn the ins and outs of the industry from someone with real experience.
2. Don’t Settle. Throughout years in the business, our seasoned flippers have come to the conclusion that the best deals are the ones found on your own. Make sure to never purchase a rehab property out of anxiousness, instead wait for the right property. Once you find it, do the necessary research to ensure it’s a good deal before committing.
3. Work With Good People. Knowing the right people in the industry can go a far way. Make sure to find trustworthy people you know will have your best interest in mind. This goes for anyone you work with from lenders, to contractors, to wholesalers. Some less ethical people may try to take advantage of you to make a quick buck, but with the right people in place you can help avoid this problem.
In speaking with our seasoned borrowers many said resilience goes a long way to becoming successful with fix and flip Texas properties as well. While this may seem to be the buzzword of today, it truly does apply here. Passion for the business is contagious, and its a great trait to have. While you may at times face adversity, you must react and be ready to bounce back. A life a real estate investor is a very rewarding one and there’s no better time to start than now.
For any questions or to get started investing today, contact Loan Ranger Capital! We’re happy to help you further your real estate investing and are happy to work with investors of all experience levels.