Making House Flipping Your Job

If you’re like most Americans, you may be looking for the perfect side hustle-turned-profit-maker so you can live off that income and no longer dedicate your days to working for someone else. It’s the dream of many millennials today, to have residual income that flourishes and works for them in the most efficient ways. As you work toward this goal, one money-making scenario you may have come across is real estate investment. Perhaps you’ve even tried your hand at a fix-and-flip property in the past, but want to turn it into a full-time gig. Make no mistake – there is money to be made – but also work that goes into setting this up for success.

Here’s a closer look at what it takes to make house-flipping your main source of income.

Always Have a Target Range of Profit

One of the most basic requirements for gauging success with your fix-and-flip business is to know what profits you’d like to achieve. Before you invest in any property, you should have a range of profits in mind and work toward meeting or exceeding that gain. Setting this up in advance of looking at any properties will make it that much easier to turn away from options that will not fit and save more time to focus on the money-making investments instead.

Get All the Right Tools and Processes in Place

We mentioned earlier that there is work involved. If you’re planning to flip multiple properties at once with revenue generation, you’re going to need tools and processes that keep you organized and working optimally. Scheduling plays a huge role in keeping contractors on the timeline and closing in the ROI opportunity for a property. Calendar software, scheduling, and reminder apps as well as easy-to-track and record invoices and payments are all processes you’ll need to master.

Work with an Amazing Lender

Since you’ll likely need to borrow money to fund these properties, it’s important to choose a lender you can trust and that knows the industry. They will be key to helping ensure you can grab hold of properties in a timely manner and that funding is received quickly to get projects started. This is a sellers-market, and speed and accuracy are both critical.

That’s where we come in. Sachem Lending has a team of professionals experienced in originating, servicing, and managing a portfolio of first mortgage loans. We offer short-term, secured, non-banking loans to real estate investors to fund their acquisition, renovation, rehabilitation, and development of residential or commercial properties.