As someone who was looking heavily into getting into flipping and real estate investment these are my tips:
- Make a spreadsheet and enter the terms of whatever loan you're considering into it, and have it calculate how much burn rate on the loan you'll have by day/month.
- Get some good contracts in place before you start, which define who is responsible for what, including damages, work change orders etc. You want your contractors to be responsible for paying for change orders that aren't bundled into the initial estimates. Also make sure there is language to deal with liens and such. You also need to have liability contracts that absolve you of liability for contractors getting injured on the job. If you intend to allow contractors to use any vehicles in your name you'll need business insurance on those.
- Do lots of comparisons of the market, getting in touch with a realtor to help you is probably a good idea like Fumduck mentioned.
- You will probably want to do either a single family home and rent it or a multi-family dwelling like a duplex or something. If so, I'd recommend researching full-service management companies that handle maintenance, collecting rent and all that shit for you for a fee. Put these values into your spreadsheet.
Your spreadsheet should be able to break down your estimated costs including your loan and then what you'll be bringing in and tell you if it's going to be worth doing it.
Oh and one other thing: You will want to form an LLC, get a separate bank account for it and do all your business through it in case some kike tries to sue you for something. There are multiple business formation services these days that don't cost very much, I just did one through ZenBusiness, which is a bit more expensive but has a nice dashboard for dealing with everything in one spot.
As someone who was looking heavily into getting into flipping and real estate investment these are my tips:
* Make a spreadsheet and enter the terms of whatever loan you're considering into it, and have it calculate how much burn rate on the loan you'll have by day/month.
* Get some good contracts in place before you start, which define who is responsible for what, including damages, work change orders etc. You want your contractors to be responsible for paying for change orders that aren't bundled into the initial estimates. Also make sure there is language to deal with liens and such. You also need to have liability contracts that absolve you of liability for contractors getting injured on the job. If you intend to allow contractors to use any vehicles in your name you'll need business insurance on those.
* Do lots of comparisons of the market, getting in touch with a realtor to help you is probably a good idea like Fumduck mentioned.
* You will probably want to do either a single family home and rent it or a multi-family dwelling like a duplex or something. If so, I'd recommend researching full-service management companies that handle maintenance, collecting rent and all that shit for you for a fee. Put these values into your spreadsheet.
Your spreadsheet should be able to break down your estimated costs including your loan and then what you'll be bringing in and tell you if it's going to be worth doing it.
Oh and one other thing: You will want to form an LLC, get a separate bank account for it and do all your business through it in case some kike tries to sue you for something. There are multiple business formation services these days that don't cost very much, I just did one through ZenBusiness, which is a bit more expensive but has a nice dashboard for dealing with everything in one spot.
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