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The following article was published in our article directory on April 1, 2015.
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Do You Want to Make More Profit Flipping Houses? Part 2

Article Category: Real Estate

Author Name: Brian Netzel, Founder, GapFunders.com

"Time is money." -Benjamin Franklin

This saying is especially true when a rehabber has worked hard on a project which once complete ready to resell. The speed of the sale process will determine whether he will be rewarded for his hard work and will demonstrate whether he was correct is his projections of what the market would pay for the house.

When the loan terms are written, certain assumptions were made that took into account the projected amount of months it would take to both rehab and resell. That said, time is of the essence to protect the project and the rehabber's profit from being eaten away by extended project times.
It is for this reason that it is essential for any project to be both completed and sold on time.

We covered five tips in our last blog post. Here are some more tips to help get your project done and sold quickly and save you from the profit-sucking consequences of runaway time.

1. Keep Focused
This tip has many applications and examples but allow me to point to a few ways that keeping your focus on the most important issues makes a huge difference in how quickly you complete and sell, and thus your bottom line. I have seen rehabbers that were good at finding deals that found more deals and started more projects than they were able to manage well. While the ability to find deals is very important, starting more projects than you can manage and finish on time turns into a night mare. The objective of a rehab project is to renovate a house and resell it. If finding more deals is easy for you, then this can become a case of the shiny object syndrome that many business owners fall prey to. Tip: Realistically assess how many projects you can optimally manage well, and do not buy more houses than your limit. Even if you can delegate some of your responsibilities to someone, your ability to manage managers is limited. I have found that a single operator rehabber can usually well manage no more than 5 rehabs at one time. More than that causes a lack of focus, project delays, and need-less cost overruns. Take it from a rehab lender who has seen every kind of rehabber out there: you have limits. Remember, time is money. And if time is being used up because of your lack of focus on the jobs you should be getting finished instead of taking on more, then you are hurting your own profits and your relationships with both contractors and private money partners. Example, I had one borrower who had so many projects going at the same time that he couldn't even remember that I was his lender. Every time I called him he would say, "Who are you again?" While my ego could have been hurt, that was not the issue for me. I was more concerned that he was so distracted about the deal I funded for him that he was not getting it done. And that is exactly what happened. He went overtime on the project and part of his profit was eaten up by the termites of two extra months of interest.

2. Be Connected to the Right Realtors.
Since you are fixing up and reselling to a retail home buyer, you will need to know the best listing agents in your area. There are exceptions, even some of my realtor friends admit that all realtors are not created equal. There are realtors who are full time who are very active and make a good living doing it. That is whom you seek. Did you know that the average realtor nationwide makes little more than $20,000 per year? This statistic tells you that for those who are making good money in realty, there are a whole host of realtors who for them it is little more than a hobby. The realtor who will actively promote your property to the right kind of potential buyers will earn their commission and get your houses sold the most quickly. They need to have a plan and be well connected to what is a constant stream of new buyers because once these buyers have a house, they usually do not buy again for years. Here are some tips in finding a good realtor to put your resale exit strategy on hyper-drive:

a.Interview her and ask how she finds home buyers. If she has a strong, consistent marketing plan that involves both online and offline lead-generation, that is a good sign.

b.Ask what the strongest buyers are looking for in a house in your market. Get details of home features, price range, locations. Ask her to create a type of avatar for the buyer. Then when you rehab, target this buyer in your plan.

c.Ask the realtor how your property will be promoted during the sale process. What online and offline tactics will be used? How often? How much are they going to spend to promote your property? What benchmarks will be used to evaluate the results? How will the plan be modified and improved as needed? Get their marketing plan in writing and have them sign it.

d.Have an escape in case the realtor does not promote your property as agreed. Long listing agreements are only beneficial for the realtor. If it is priced and promoted well, why would a listing agreement need to be written for 6 months? Sign nothing longer than 6 weeks. That is enough time. If they complain that 6 weeks is not enough, tell them that you are offering a bonus to get it sold in less than 6 weeks.

The realtor that I chose for one of my properties showed me a zip code specific chart of when most houses sold and the price over or under the listing price. And that if I waited to take a higher offer, it would likely not come-- facing the prospect of having a house on the market for too long. This kind of information adds the element of reality to a house sale.

f.Many realtors today have contacts with good stagers. Ask for a referral. You may even get a discount for being referred by the realtor.

3. Price Your House Realistically
Setting the right price for your home is the single most important decision you will make when you decide to sell. Go too high and you risk turning off every buyer in the marketplace, go too low and you leave money on the table. Compared to the competition, what would be a price that would position your home as the best value proposition for buyers in your marketplace?

Keywords: real estate funding, real estate loans, real estate financing, gap funding, gap funders, real estate investing, flipping houses, real estate investor, rehabbing houses, fix and flip, fix and flip financing, commercial real estate funding

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