Do you want to flip more homes than ever before in Hatfield, Souderton and Lansdale?
If you’re looking to scale your operation and start doing more work with general contractors and hard money lenders in Montgomery County PA, we have some good tips for you.
Lining up a general contractor
When you have a general contractor to run the rehab in your current fix and flip, you’re freed up to work on acquiring your next flip (or several next flips!), selling completed flips and managing your rental properties.
But, how do you find a great general contractor you can work with?
Quality has to be the first factor so start by identifying contractors who have completed flips you’re impressed with. Pull the permits and find out who did the work. I recommend setting up a meeting with that contractor on the site of their current job. This will tell you a lot about how they work and run their crew.
Once you find a general contractor and match them to your next flip, be sure to cover three major things in your contract.
- You must include a detailed scope of work—very detailed because, yes, newly installed kitchen cabinets must include hardware! Mastering the preparation of the scope of work is critically important to any effort to scale your business.
- Include a list of the exact finishes you want (right down to the paint color code). This eliminates faulty assumptions and makes it easy for the contractor to know exactly what paint, what flooring, etc. you want.
- (And very important!) Your contract needs a payment plan addendum that specifies payment only when each phase is 100% completed.
Getting financing from hard money lenders in Montgomery County PA
The great thing about making detailed plans with the general contractor like this is how it prepares you to apply for financing from hard money lenders in Montgomery County PA. You’ll have the information about your subject property, your detailed scope of work and the bid from your contractor. This will come across as far more organized and professional than the first-time flipper who isn’t quite sure of what they’re trying to accomplish just that they need money!
You’re not just looking for quick money whatever the terms (hefty fees and high interest rates). If you’re working on scaling your flipping business, you’re looking for a financial partner like Legacy Capital that is committed to empowering real estate investing entrepreneurs. Our team knows the challenges of scaling your business—we’ve been doing our own real estate investing deals for over 15 years now. Legacy Capital wants to lend you money on solid flip projects, but we also want to see you successfully scale your operation.
Real estate investors are doing well in Montgomery County. You can flip more houses in Hatfield, Souderton and Lansdale more quickly for more profit by working with general contractors and hard money lenders in Montgomery County PA. Legacy Capital has a Montgomery County office in Ambler for your convenience.