FLIPPING PROCESS

When it comes to flipping houses or just renovating your home managing the entire project from beginning to end is crucial for success. We offer two primary approaches: managing the entire project for you or doing together for self-sufficiency on future flips.

Key Steps in the Process

1. Forming an LLC

• Establish an LLC to protect your personal assets and provide a professional structure for your investments.

2. Project Budgets

• Startup Costs: Create a detailed budget for initial expenditures such as closing costs, down payment, architect/lawyer/engineer if needed, permit fees, variance fees if needed, and LLC formation costs,

• Carrying Costs: Develop a budget that covers carrying costs like renovation costs, property taxes, insurance, utilities, mortgage payments during the renovation phase on initial purchase, payments of renovation to general contractor as job progresses and basic landscaping to avoid town fines

  *obviously if client finances all cash carrying costs are less.

• Closing Costs: Realtor commission paid out, transfer fees and closing fees.

3. Financing Guidance with my lenders

• Advise on options to obtain financing tailored to your project needs. Such as hard money loans, home equity loans, conventional loans, 203k renovation loans and conventional renovation loans and cash. Cash from family and friends and pay them interest higher than what they get at commercial banks for a % of profit.

4. Finding the Property

• Identify and secure the right property which is often the most challenging aspect of house flipping. Using Realtors, Knocking on doors, reaching out to landlords who might be tired of owning, for sale by owner signs ,wholesalers, homes in tenant/landlord court, seniors ready to move, auctions /sheriff sales, craigs list and face book marketplace. Boarded up homes or in disrepair.

5. Collaboration with Realtors

• If you have a realtor.  I can collaborate with them to ensure the project is profitable and focusing on maximizing your return on investment (ROI).

6. Legal and Professional Recommendations

• Recommend attorneys/engineers and architects based on your project scope to handle necessary legalities.

• Propose a general contractor or collaborate with your current contractor to mange the project.

7. Design

• We recommend the design from simple alterations to total gut renovations.

8. Material Shopping

• Select fixtures, tiles, flooring, appliances etc., and other materials to enhance the renovation not covered by general contractors.

9. Zoning Compliance

• Address any zoning issues that may arise before starting the project.

10. Managing Multifamily Renovations

• If you plan on renovating a multifamily property for passive income. I can provide instruction on managing the property effectively.

Each of these steps is designed to simplify the house flipping process while ensuring your investment can yield positive returns.