When you’re working on a fix and flip property, there are places to spend and places to save. If you have secured fast funding from a private lender you will want to use that rehab loan in the smartest way possible. Here are a few ways you can save money, keep more of your rehab loan for bigger projects, and still make a profit off of your beautiful property.
Deal with the Big Problems First
Broken furnace? Problems with plumbing? That’s what a rehab loan is for. Use your fast funding from your private lender to deal with the largest problems right away. This takes a load of stress off of your shoulders and ensures that your detail work, like paint and textiles, will not get ruined by a broken pipe or worse.
Buy Items in Bulk
If you are working on multiple properties you truly understand the value of a rehab loan from a private lender! While you will see a big profit in the end, you need to spread your resources around while you are still working on your fix and flip properties. Buying wholesale can save you money, easily.
Use the same fixtures, paint, trim, and other features in all of your properties. This means you can use your fast funding from a private lender to buy in bulk and get a discount, while still ensuring you have high-quality features in all of your fix and flip properties.
Stick to the Basics
You might buy a fancy sink for your own home, or spend extra cash on a beautiful light fixture, but in a fix and flip property it is a better idea to focus your rehab loan on buying basics. Make your property a blank slate for prospective buyers, and they are far more likely to envision living in the home. This saves you money, as you can stick with simple but durable purchases, while increasing your odds of selling the fix and flip quickly so you can enjoy the profits of your hard work.
When you have a rehab loan it is wise to make the most of it, so your fast funding can go as far as possible in assisting with your project. Use these tips to save money and you are sure to see a difference in your next fix and flip property.
If you are ready to take on a new rehab challenge, and need funding, Center Street Lending can make it happen. We lend in AZ, CA, CO, UT, TX, FL, MD, VA, WA & NC, up to 80% of the property purchase price as well as 80% of your anticipated rehab costs. Give Rob a call today at 303.521.7622, or request a no-obligation quote online. We use a simple, streamlined process, and can fund your project in as little as 24-hours!