Good advice for real estate fixer and flippers and their associates

Tuesday, June 4th, 2013 at 12:10 pm

Clay Sparkman
As most of you know, my company (Fairfield Financial Services, LLC) does many kinds of private money loans, but our true sweet spot, I would have to say, is fix and flip properties (or fix and rent). We feel that this is a great time to be buying REO, short sale, and under market properties.
We have worked with many fix and flip folks who are new to real estate investing. Some of them have gone on to do very well. This stuff is not rocket science, but three things are absolutely required: (1) The willingness to work hard, (2) A lot of common sense, and (3) A certain amount of specialized knowledge in the areas of (a) buying well, (b) financing, (c) fixing, and (d) selling (or renting) the properties. I rarely see a really good article about fix and flips—one that really lays it out there—but I came across this article today, and I must say, it is very good.
If you are an investment buyer, you should definitely read this, and if you are a Loan Broker working with investment buyers, you should read this, as well. As Loan Brokers and Lenders, we must be able to keep up with our clients. If we are well informed, we will know whether or not the client is moving in a good direction or not—and many times, we will be able to give helpful advice to our clients. So here you go.
Top 10 Remodels for Your House Flip
By Tony Escamilla, Tony is a licensed general contractor and construction inspector. He has inspected over 6,000 properties for investors and remodeled several properties to be “flipped”.
http://www.inspectaproperty.com/Top10Remodels.html
– Clay (clay@privatemoneysource.com, 503-476-2909)
Clay is Vice President of Fairfield Financial, a primary source for private money since 1964. Fairfield is currently targeting loans in OR, WA, AK, CA, CO, ID, FL, GA, ID, MT, NV, NY, OK and TX. To submit a loan to Fairfield for consideration: http://www.privatemoneysource.com/loanproposal.php