Find Success in a Fix-and-Flip Commercial Real Estate Investment
Many entrepreneurs involved in fix-and-flip investments, started out by doing it part-time, while also maintaining an alternate source of income. Eventually, however, a few successful transactions will put you in a position where you can afford to be a full-time fix-and-flip investment entrepreneur. Here are some tips and tricks you can use to increase your level of success with commercial real estate ventures.
Generate a Business Plan
When you’re ready to go full-time, you should start with a sound business plan that states your mission, as well as how you’ll go about buying and selling, and what you hope to achieve with your fix-and-flip investments. Conduct a thorough market analysis and include some potential target properties, and then identify regional competitors and how you expect to compete against them.
Develop a Team of Advisers
If you’ve been in the fix-and-flip business for several years part-time, you should already have developed a network of individuals who can advise you on specific types of projects. Contact these advisers and let them know you’re going full-time, and ask them to be prepared to provide more regular advice as needed.
Any tasks which don’t add tremendous value to your operation, but still have to be done, are candidates for delegation. You can’t be involved with all the minutiae involved in fix-and-flip investments, so you need to pick your spots about where and when you become personally involved. For example, you don’t need to be mowing the lawn of your investment properties, nor should you be taking up your time with repairs and renovations, or even showing the property to prospective buyers.
Looking for a fix-and-flip investment?
At Approved Business Lending, we are always seeking business partners who have a solid business history and a plan for achieving success. Contact us about your new fix-and-flip commercial real estate project to see if we can help you achieve your goals.