Me and my family are thinking about starting up a family owned remodeling business, where we will be flipping houses and putting them back onto the market to sell. How would we get this started or where do we first start at? And do we have to have a lot of money set aside before going into this?
Thanks for visiting our site and posting on the forum. That’s exciting that you and your family are considering starting a family remodeling business. First, I would recommend writing a house flipping business plan and then applying for a hard money loan which is a short term interest only loan that can finance the purchase and renovation of the property. Typically, you will need to put down a deposit, usually about 10 – 30% of the purchase price of the home. Then you would need to hire contractors, unless you’re doing the remodeling yourself and then work with a realtor to help you find some properties to flip. I included links to some helpful resources and wish you the best of luck. Let us know how it goes and if you have any more questions.
All the best,
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