Whether you’re new to fixing and flipping or a seasoned flipper, it’s an exciting adventure! It might not be as glamorous as television portrays the process, but it’s still an investment journey that can bring in the cash and give you creative freedom!
For a first time flipper, there are some expenses beyond your Arizona fix and flip loan that you may not be aware of so we’ve created a list so you can be prepared!
• Loan costs
• Property Taxes
• Maintenance beyond repairs such as yard
• Selling costs
Each of these are going to run a different amount depending on where you’re buying and what you’re buying, but it’s a good rule of thump to have money set aside for each of these.
For example, if you purchase a home today, it might take you a month to fix it and a month to flip it. That means you’ll need money to cover two months worth of HOA fees and yard maintenance.
Beyond those typical costs, the costs of your flip are going to depend on the condition of the home and the necessary repairs and ideal upgrades. Having a solid financial plan for your flip is the first step you need to take so that you don’t go over budget and end up coming out on top once you sell the home.
Once you have your financial plan in place, you can contact a Arizona Hard Money Lender for your Arizona fix and flip loan. They will go over your plan with you and examine your budget to determine if it’s a good loan for them to make.
Once they’ve decided that your financial plan is solid and well thought out, they can decide to fund your Arizona fix and flip loan! Funding is quick through Arizona Hard Money Lenders so you can make your purchase and get started on your renovations as soon as possible.
Level 4 Funding specializes in Arizona fix and flip loans and would love to hear about your latest project. Give us a call today to speak with someone about your investment dream!
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.