Flipping homes isn’t an easy business. Even when everything looks right in the beginning, there are many hurdles to go through that can cause your investment to go south. For example, unexpected repairs, investors backing out, or problems with the city. In any event, it’s important to try and remain on track and work through the issues.
Often an unexpected blow can cause a loss of motivation. Here are some ways to bring life back into the flip to get back on track with your investment.
1. Re-evaluate the flip
Sometimes repairs don’t go as smoothly as planned and that can distort your original vision—it could even have you question whether you were on the right path. When something like this happens, it’s a good idea to take a step back and look over the flip again. You may see a new avenue that could bring the flip back to life or find something you could have missed. It may also help to get a fresh set of eyes and consult someone for their opinion on the flip.
2. Look at Other Properties in the Area
If you are flipping a property in a certain area, odds are that there are some other recent flips or properties on sale. If you can get in and take a look it may give you some ideas on a different direction to take with your flip. It’s especially helpful if the property has sold since that indicates a successful flip.
3. Consider Different Financing Options
Losing an investor can be a big blow for your flip. Finding a new source of funding (and fast) can be difficult if you don’t already have the funds yourself. But it’s not a total loss. There are several alternative financing options to consider, for example, family and friends, hard money loans, and peer to peer lending. Check into funding options like those at Patch of Land, who can help fund your loan fast.
4. Partner with Another Flipper
One more option to consider if an investor backs out is to partner up with another flipper. If you are flipping, then most likely you know of other flippers in the area or know real estate agents who work with other flippers. Giving up part of the deal and partnering with another flipper can be a good option to get the job done. Even though you’re giving up some of the profit, in the end you will still be getting something. It could also lead to new opportunities in the future with this flipper.
Lean more about how you can breathe new life into your flip by partnering with Patch of Land. We’re always here to chat, and we look forward to hearing from you soon.