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Our 3-Step Fix and Flip Loan Guide for First-Timers

January 14, 2021 by Shannon Christenot

Los Angeles California Home Buying Tips

If you want to survive in modern-day society, you have to be daring enough to invest in the right financing options to ensure you can stay financially stable. That’s where fix and flip loans come in. These are prime real estate investment opportunities that grant you access to defective properties, such as foreclosed and abandoned homes in your neighborhood. But you have to learn the ropes, especially if you are a first-time investor!

Fix and Flip Loan Guide for First-Timers

This article will provide you with three easy yet practical steps to guide you through your venture into fixing and flipping. Take this as an opportunity to build a career as you establish your presence in the real estate market. That way, you can earn profits and save up for your future!

1. Prioritize hard money fix-and-flipping options. The famous saying “money makes the world go around” should be your mantra when you want to become a well-established flipper or flip and flix loan investor. That’s why you should prioritize hard money financing options, as they are often short-term and can lead to more profitable opportunities than other real estate investing options. However, you also have to ensure you have the right local connections, primarily since you are just starting as a flipper. The best way to take advantage of the hard money financing option is to partner with experienced mortgage brokers. That way, you can bank on the best investment opportunities that have higher potential value and marketability. It also enables you to become a more experienced real estate investor, allowing you to build your funds and professional reputation!

2. Start with Home Equity Line of Credit (HELOC). Most inexperienced fix and flip investors look to an investment property line of credit as their starting point, but it may not be the ideal option from a career standpoint. The best option is HELOC because you can use your existing home equity and borrow up to that amount to get into fixing and flipping. It grants you the opportunity to build up your credibility and professional reputation among buyers, sellers, and mortgage brokers. Another key advantage of HELOC is that you can use it without paying off your existing mortgage. However, you must remember that you are only limited within the HELOC’s terms for your primary residential mortgage, meaning you cannot negotiate on other properties if you have any. Consult with a professional mortgage broker to help you make well-informed decisions.

3. Look into cash-out refinancing options once you’re more experienced with fix and flip loans. Once you have credible experience and have multiple real estate properties at your disposal, you may want to venture into advance into cash-out refinancing. It is the ideal path for first-time fix and flip investors like you looking for a professional direction in their careers. It has simple terms: refinancing your existing property to buy a new one.

Conclusion

Fix and flip loans may be the house financing option you need, especially if you want to venture into the real estate market. Fortunately, you now have a better understanding of it. All you need to do is remember all the previously mentioned tips and consult with a local mortgage broker for your guidance. Look into fix and flip loaning opportunities and other loaning solutions today!

Buy A Home in Los Angeles California

Are you looking for the best fix and flip loan options in Los Angeles? Consult with me, Shannon Christenot. I can provide you with the best mortgage options to connect you with hassle-free loaning options, enabling you to take advantage of the real estate market and become a professional flipper! Claim your free online quote today and contact me through (818) 601-2231 for further information!

Filed Under: Buy A Home Tagged With: California, Home buying tips, Los Angeles

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Caroline Wong
Caroline Wong
17:04 22 Apr 20
Shannon was very prompt and responsive to all queries. The process went more smoothly than I ever could have imagined. Highly recommend Shannon for all your mortgage/re-financing needs.
Sarah Goldberger
Sarah Goldberger
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I cannot recommend Shannon highly enough! As an independent contractor, I knew getting a mortgage would be a little difficult, and Shannon supported me and helped make it work every step of the way. If I ever need brokerage services again, she'll be my first call!read more
Kristina Robbins
Kristina Robbins
21:47 15 Apr 20
We’ve worked with Shannon and her team twice and both experiences were stellar. The first was buying our first home and she walked us through the process and explained everything along the way to help us get quickly up to speed. The second time we were going for a refi in maybe the most turbulent mortgage market ever as COVID hit. She guided us through all the hurdles and worked double time to satisfy all the lenders new requests. We got a rate a full percent lower. I can’t recommend this team highly enough.read more
Karl Larsen
Karl Larsen
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Shannon Christenot is the most amazing lender we’ve ever had. As a matter of fact this is the second time we’ve used Shannon to do a mortgage with us. She held our hand every step of the way. She made the whole process stress-free as well. And when we were coming down to the wire to finish our escrow within the 30 days she got us an extension Without even asking. Now we are locked into a very low rate. We’ve saved hundreds of dollars per month for the next 30 years. We cannot Thank Shannon enough. I would recommend Shanon to anyone thinking of buying a home or refinancing.read more
Tony Bilby
Tony Bilby
03:09 07 Mar 20
Shannon and her team were professional, competent, and swift when it came to the lending associated with my home purchase. We were able to get the loan approved and close on a house in less than 30 days. Record time!read more
Joshua Barton
Joshua Barton
16:05 23 Nov 19
I have had the pleasure of working with Shannon for 8 years - her knowledge of the mortgage process and attention to clients is unparalleled. The Los Angeles market can be tricky with high dollar homes and unique income of the Entertainment Industry, but Shannon takes charge and leads everyone through to successful closings like clock work - cannot recommend her enough a true Rock Star in Mortgage world.read more
Lauren S
Lauren S
04:52 18 Oct 19
Working with Shannon was a real pleasure. She was always available and got back to me promptly with any necessary information. I was able to refinance my mortgage at a rate considerably lower than another larger company quoted who I had started working with. I look forward to working with Shannon again and I highly recommend her to anyone looking for a competent and decent mortgage broker.read more
Mike White
Mike White
02:15 27 Sep 19
As first time home buyers we had no idea what we were doing. We were pre-approved by a well known company but quickly discovered that we absolutely did not want to work with them for the actual mortgage. Shannon was recommended to us by a friend and I called on a Saturday morning. By Saturday evening we were well on our way to buying a house (we closed three days ago!). Shannon made navigating these foreign waters so easy, answering all of our newbie questions with patience and grace. Plus she got us a fantastic rate. We are so grateful for Shannon and can not recommend her enough. WE OWN A HOME!!read more
Alaine Smith
Alaine Smith
13:15 26 Sep 19
It was wonderful working with Shannon! She is attentive, thorough, and intelligent. It was easy to communicate with her because she took time to hear and understand my goals and always responded quickly. I highly recommend her to anyone looking. The customer service she provides exceeds expectations by a long shot! Thank you, Shannon, for all your help!read more
Julie Mckay
Julie Mckay
17:20 28 Aug 19
I just purchased my first home! Shannon and her team were truly a dream to work with. I was never left in the dark and she was always quick to respond with all of my questions. My experience couldn't have been easier. I highly recommend Shannon and would use her again in a heartbeat! She is the BEST!read more
jojo quijada
jojo quijada
19:55 27 Aug 19
I've been in the real estate business for over 5 years now, and I always trust Shannon to work with my clients. She and Josh are an AMAZING TEAM! Buyers love to work with Shannon as she gets things done asap and answer any and every question/concern. I couldn't recommend a better person for lending. Can't thank her enough!!read more
Rotimi Ayanbeku
Rotimi Ayanbeku
20:12 15 Aug 19
I always go back to Shannon because she is one of the best in the business! I've worked with Shannon over the years, however, she outdid herself in my last deal. She was so professional, caring and effective that my clients were comparing everyone else in the deal to Shannon. More importantly, we were ready to fund in less than two weeks. Once again, Shannon affirmed my belief in her that she always rises to the occasion. Thank you for being the best!read more
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