Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
There are those who say that flipping doesnt work in this market. First we need to make sure we are talking about the same thing flipping to me is buying a property, doing something to increase its value, and selling it for a profit. This kind of flipping is alive and well and is always viable regardless of the market. However, there are pitfalls that can kill your flipping business rapidly. Buy The Property For Too MuchThe fact is that you make your money when you buy (you realize that money when you sell). If you buy it for too much, then you will lose money it is a simple as that. Your purchase price needs to be low enough to allow you to do all of the work you need to do on the property to bring it up to market and still leave room for profit. If you pay too much, then you will either run out of money to finish the changes or you will be pressured to cut the quality or scope of the changes to keep some profit. Unfortunately, doing a poor or incomplete upgrade can make it so that you cant sell the property and your holding costs eat away at your business. Poorly Estimate the Work RequiredYou need to develop a strong vision of what the property will become after your upgrade. It needs to be consistent with the neighborhood (no castles in tenement neighborhoods) but needs to be slightly better than the competing houses (or priced less). Once you have this vision, then you can realistically get estimates on the work that will be required to get from the current condition to the condition in your vision. Skip Inspection by ProfessionalIt is tempting to save some money by skipping the inspection. However, a professional inspector will save you a tremendous amount of money much more than the cost of the inspection. When you are starting out, you will miss things that a professional will spot. Later, you will be looking at many houses and this limits how extensively you can inspect each property. Having another set of eyes to review your potential houses will save you if you missed something expensive. You may feel that inspection contingencies will kill a deal. So dont use a contingency, but still get the inspection. In the worst case, you may have to choose whether to walk away from an earnest money deposit or eat the cost of the inspector-discovered defect. Still, it is much better to have this choice up front rather than finding out about the defect after you hold title and have no chance to recover a profit from the house. Get Lazy About ContractsContracts are only needed when there is a disagreement. The problem is that you cant predict when the disagreement will happen so you ALWAYS need a contract. The contract will describe exactly what you expect from the other party and what they expect from you. It should also describe what will happen if these expectations are not met. If you hire a contractor to do work on your property, the contract with them should discuss the following:
- Scope of the work. I like to describe each room and the work that should be done within each. I specify materials that will be used often by Vendor and SKU
- When will work start, how many folks will be onsite to do the work, what hours (minimum) will be worked per day.
- Cost of the work and schedule of payments. I want fixed bid work. Time and materials contracts are a form of blank check for the contractor. I want to hold a large amount (25% or more) of the total cost until the work is COMPLETE.
- Penalty for late completion. My contract specifies a daily rate that is higher than my holding cost per day.
- A clause that states that they are an independent contractor unless you WANT an employee
- A clause that specifies who is responsible for pulling permits I have the contractors do it so that any delays in that process are their responsibility.