Brooklyn Fix and Flip Lenders
We’ve all seen those little single family homes in the suburbs that fall into disrepair. The price lowers and lowers, but no one bothers to buy because who wants to repair something like that? To us – that’s an opportunity. Many real estate investors in Brooklyn agree with us. That’s why many of them are coming to us to get funding to fix that shabby home, and then selling it back on the market, bigger, and better than ever before. Delancey Street is a Brooklyn fix and flip lender, that offers loans for a variety of projects.
Fix and flip loans are ideal real estate investments for people who have a knack for home improvement or have a handyman that’s looking to do some work. Going into it, you’ll need a solid plan to fix the home, otherwise you’re just going to invest your money and not get anything back in return. Hard money loans are best suited for fix and flip projects like those portrayed on today’s popular home improvement shows. You’ll notice a few things that everyone in those shows have in common, too.
What’s it take to flip a house?
To successfully take a hard money loan and get a great return on your investment, you’re going to need a few things.
A solid game plan: A game plan for fixing the home is essential. This includes having a firm grasp of estimates. You’ll want to plan out your home fixes before you buy and then estimate how much those are going to cost you. If you find that you’re going to pay a cheap price for home repairs but then get a huge rise in value, you and your hard money lender are going to be very happy.
A desire for home repair: Home repair is at the heart of the fix stage of house flipping. A firm grasp of one area of home repair – preferably the area that the home will have – is going to save you thousands of dollars during the fix stage. It’s all about saving during the fix stage while still drastically increasing the value of your home.
Dedication: It goes without saying that you need to be dedicated to the process of flipping houses. It can be very frustrating in some stages, especially the beginning. Repairs might get off to a slow start and it’s at this point that some people might start to lose interest. Don’t! If you take a loan through a hard money lender, then you’re going to need to pay that back plus interest. If you don’t, a fix and flip lender can take possession of your property and sell it.
Why Flip Houses?
Flipping houses can be a lifetime venture for some people. If you’re good at it, with a keen eye for the repair stage and a keener eye on the bigger prize at the end of the investment, then you’re going to love doing this for a living. And make no mistake, some people CAN do this for a living if they develop an expertise for home repair and renovation, plus a solid understanding of the financials. Unlike traditional lenders who won’t lend on a fix and flip property, Delancey Street provides competitive loans for fix and flip projects.
Delancey Street is a hard money lender who specializes in the fix and flip loan. All it takes is a little initiative and a first phone call. What we invest in is the idea that you have. What’s your vision for this house? How big is the prize going to be when you flip the house? You do the work. We fund the dream.
What do we look for in a project?
Delancey Street cares about the success of the project. We look at a number of things we think are important that guarantee the project will succeed. One of the first things we look at are the financials: property price, price of the renovations, and final sale price. If all of these numbers seem realistic, we look at the real estate investor himself/herself. It’s important to us that the investor have some experience in the market, and will be able to complete the project.
Call Delancey Street Today
There’s no time like the present to get started on your fix and flip project. Delancey Street is here to give you the funding you need for your project. We look forward to working with you.