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The following article was published in our article directory on March 31, 2015.
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Do You Want to Make More Profit Flipping Houses? Part 1

Article Category: Real Estate

Author Name: Brian Netzel, Founder, GapFunders.com

"Time is money." -Benjamin Franklin

This saying is especially true when a rehabber has worked hard on a project which once complete ready to resell. The speed of the sale process will determine whether he will be rewarded for his hard work and will demonstrate whether he was correct is his projections of what the market would pay for the house.

When the loan terms are written, certain assumptions were made that took into consideration the projected amount of months it would take both rehab and resell. This worst-case projection has profit projections built in. If the loan term is exceeded, the projected profit is in jeopardy. Even in an up market with rising values, the monthly interest payments on a project that exceeds its expected deadlines are going to be greater than most rates of appreciation. That said, time is of the essence to protect the project and the rehabber's profit from being eaten away by extended project times.

It is due to this that it is essential for any project to be both completed and sold on time.

Here are some tips that can help get your project done and sold quickly and save you from the profit-sucking consequences of runaway time.

1. Realistically Estimate
Just how much time will it take to complete and resell the project? To under estimate the time to complete and resell a project is to set it up for challenges from the start. It is better to add a month or two to the expected time to complete than you think you will need. This will help justify unexpected delays. It is always better to under promise and over deliver when it comes to project completion. While it holds true that each month of a project incurs more loan interest, there is a difference between interest that is projected in the underwriting stage of a loan and the actual interest charged. Unless a rehab loan has a pre-payment penalty or a minimum interest charge (as expressed in months), if the project finishes earlier than it was projected to take-- and that was used in the loan term in the promissory note-- then that interest is not charged and adds more profit to the bottom line. In this case, it is always better to add some extra time to the job to ensure the private money investors are not panicking if the loan term expires.

2. Start on Time
If possible, get started on a project the day of closing and keep your crew progressing consistently. The smart rehabber has his crew on standby as the escrow office is processing the sale. He also discovers from the building permit office what kind of work he may start without having permits approved. In most municipalities, the demolition work may be started even without permits. (Check in your city). As such, work can begin immediately while construction permits are submitted. As well, an architect can be employed even during the week of escrow to at least start a preliminary set of concept drawings to save time. In most cases, architects need 2-3 weeks to compose and deliver a set of plans. And then those plans must be submitted to the city. Thus, the earlier an architect starts, the sooner she can get the final plans done.

3. Get Your Own Crew
Rehabbers with their own crews are able to finish jobs faster because their crews are committed to them. Not every rehabber has the advantage of this fact. But it is still something to work towards. If you have to round up a crew every time you have a new job; or you have to get an independent general contractor to work on your job while they have other customers with their own jobs competing for his attention, the distraction factor adds time to a job that spends precious time. And, like we said, time is money.

4. Be Actively and Consistently Involved
The rehabber who is actively involved in a job will be able to move the project along more quickly. Even if the rehabber acts as a white collar supervisor managing his various project managers, the amount of direct contact you have with your people will move the job along faster.

Keywords: real estate funding, real estate loans, real estate financing, gap funding, gap funders, real estate investing, flipping houses, real estate investor, rehabbing houses, fix and flip, fix and flip financing, commercial real estate funding

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