Starting a Fix & Flip project can feel overwhelming, but with the right approach and resources, you’ll be ready to turn a profit in no time. Follow this step-by-step guide to learn how to navigate the process the CoFi way.
Step 1: Research the Market
Before you start your renovations, take time to study the real estate market. The market is ever-changing, so make sure you understand the trends prior to either buying your fixer-upper or starting your renovations.
Knowing these trends will help you get the best out of your ROI.
- Know Your Target Buyer: Are you catering to newlyweds, families, or retirees? Identifying your audience will guide your renovation decisions.
- Study Neighborhood Trends: Look at which areas are increasing in value and what features are in demand.
- Understand Local Regulations: Familiarize yourself with zoning laws, permits, and other city requirements to avoid delays and extra costs.
Step 2: Build a Reliable Team
Having a successful Fix & Flip project requires a strong team behind you. The team can include subcontractors, real estate agents, loan officers, and designers.
- Subcontractors: Ensure they are licensed, experienced, and reliable.
- Real Estate Agents: Choose agents who know the local market and can help you buy and sell effectively.
- Loan officers: Our loan officers are qualified to help you with your project from start to finish. With our amazing software, we are here to ensure all your draws are paid on time and that you get the loan that you deserve.
Your team is your backbone—having trustworthy professionals at your side makes all the difference.
Step 3: Partner with the Right Lender
Financing is the next step to any Fix & Flip project, and that’s where CoFi comes in. We specialize in residential construction loans, offering flexible options tailored to your project’s needs. Whether you’re starting a ground-up development or a major renovation, CoFi is here to help.
Loan Requirements:
- Loans are for non-owner-occupied (NOO) properties.
- CoFi holds the first position on liens—no second liens are allowed.
- Loans include an interest reserve for added flexibility.
- A personal guarantee is required on most loans.
With CoFi, you gain a partner that prioritizes your success. Our loan officers are here to provide guidance and support, ensuring builders are back in the driver’s seat.
By following these steps and working with CoFi, you can transform distressed properties into thriving investments. Ready to get started? Contact us today and take the first step toward your Fix & Flip success.
