Flipping a property is the phrase used when someone buys a property, fixes it up then sells it on for a profit. It can be a great opportunity to make some money and some people even make a living from flipping properties. If this is the route that you choose to go down then you will need to register the business and create a business plan. If this is your decision then we can help you with a loan to get your business started.
It is mainly residential properties that are chosen but it can also be commercial properties. For example an office building being transformed into flats. This option involves more work but can be a great project if the property is in the right location.
Some properties will only need a bit of work before selling on but some properties will need a lot of work and it can be hard to tell until you start work what work actually needs doing. This is how people end up in a financial mess so be careful before buying a property. Hence, it is important to have accurate business plan with financial costings and numbers.
So, if you have just found the property that you want to flip, then you will be thinking about mortgages and loans. But where do you start? You will need a short term loan to cover the cost of buying the property. This is where Funding Hut can help, we have a lot of experience finding loans to cover this kind of property buying.
Another option when looking at properties to flip is converting a commercial property into a residential property, for example, an office block into flats. For this you will also need a short term loan to cover the cost of buying the building and the renovations. If this is something you are considering then you will need to gather quotes for the work that needs doing (gas, electrics etc).
So whether you are flipping a property as a one-off or starting a property flipping business, Funding Hut can help you find the right loan for you. We can find the loan with the best rates on the market.
Talk to our team today:
Tel: 0203 900 0970 Email: email@example.com