How to Turn Arizona Hard Money into Profit: Tips from a Pro
interviewing Jenna Jacques, a real estate agent and professional house flipper.
This is Part One of a four-part series in which she shares her experiences
working with Arizona hard moneyloans to generate profit.
The media can make it seem like the fix and flip business is
full of cutthroat individuals who rely on secrecy to turn a profit.
Fortunately, nothing could be further from the truth. We spent some time
discussing the industry with Jenna Jacques, and she was not only open about the
pitfalls of rehabbing for profit, but also gave us some pointers on how people
can turn their Arizona hard money
loans into a lucrative enterprise.
unexpected. By trade, Ms. Jacques is a nurse, though unplanned life events
presented her with challenges that her initial career couldn’t accommodate. She
took a leap of faith, poured herself into rehabbing homes, and became a
licensed realtor. Including traditional home sales, as well as her fix and flip
projects, she’s already sold 40 homes this year. When asked about her most
memorable project, she humbly explained that she purchased a home to rehab for
her family, but complications arose that left them unable to move in after the
house was finished. “I put my heart into this home because it was for my
family, but the best part is that a wonderful family purchased the property and
I now know that they are enjoying the home as much as I would have.”
2. Do your own
research. When you thoroughly research a property, you can do your own
comps. Comparable, or recently-sold similar properties in the area, are a key
indicator in what you can expect to receive for a home once the rehab is
complete. When paired with the expenses involved in doing the repairs, it gives
you a good idea what you should offer for the fix and flip to begin with. This
research is imperative when you contact an Arizona
hard money lender as well.
difference between a minor and a major remodel. It’s not always easy to
determine the anticipated costs in handling a rehab, but it’s absolutely
essential to achieving a successful outcome. When in doubt, bring in an expert
to help evaluate everything the project will entail.
cushion in case you run into any issues. While this bit of advice may go
hand-in-hand with expecting the unexpected, it’s always wise to provide
yourself with wiggle room, just in case a surprise creeps up. This means
setting aside enough cash on the side for unanticipated repairs or updates that
go over budget, and also allowing extra time to handle any issues.
property carefully. The experienced home rehabber offers one major word of
caution: “Don’t just buy a house to buy it!” You truly must do the research and
exercise diligence before investing in a project to avoid winding up with a fix
Using Arizona Hard Money to Fund Fix-and-Flips
Enables You to Lend a
Helping Hand to Others, Too
discussed passing the home she lovingly restored on to another family, she
beamed with pride that someone is enjoying the fruits of her labor. “I love
helping people find their dream homes,” she mused later. “I really believe this
is just as rewarding as nursing is. It goes hand in hand sometimes.”
Arizona hard money loans are only part of the equation;
a can-do attitude
is necessary to truly be successful.
stumble onto the path of success. She armed herself with knowledge, researched
heavily, and saved for more than a year to build up the cushion for her first
fix and flip. She also has honed in her skills, and has a tried-and-true method
for determining costs and comps. While an Arizona hard money loan can help you get your foot in the door if you’d like to get
into rehabbing, education, research, and an unfailing can-do attitude are all
necessary to turn it into a viable income source.
Dennis Dahlberg Broker/RI/CEO/MLO
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
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23335 N 18th Drive Suite 120 | Phoenix | AZ | 85027
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