Blog

08 Sep Summit Capital is in the News

We are pleased to announce that Boston Voyager has written an article about Summit Capital!

It highlights how Chris and Mark started the company and goes into what they think the future holds for us.  You can read and exert below:

Today we’d like to introduce you to Christopher G. Gallo.

Mark and Chris were High School friends who lost touch during the college years but got reacquainted by a mutual friend who noticed that they both were doing similar projects in Real Estate Investment and Development. Mark and Chris met for a coffee and noticed that they had very similar goals, values, and business models and thought they should try doing a deal together. One 2 family in Brockton on Denton St turned into a 100+ building 400+ unit Real Estate Portfolio servicing the Boston South, South Shore, South Coast markets. They were constantly raising capital for their deals and using many sources of banks, private investors and private capital to do so. They realized that there was an underserviced Investor (them) that needed access to capital to fund real estate deals, and many times banks would either not be interested or move too slowly for these investors….Continue reading at bostonvoyager.com

Read More

25 Aug Do’s and Don’ts When Flipping a House

Summit Capital is a local New England hard/private money lender.  We will work with you to ensure you get the money you need for your investment as quickly and with aggressive terms.  Regardless of whether your project is a fix and flip of fix or a longer term hold. We are known for great service, fast turnaround times and very aggressive rates.

As a service to you, we offer this list of Do’s and Don’ts to help you move forward with your house flipping project.

The Top Do’s and Don’ts When flipping a house

We all know that flipping a house can have big rewards; but what about the risks involved? With this in mind, we have put together our list of do’s and don’ts when flipping a house. Wondering where to buy and how much to DIY?  The following tips should help

When the housing market was on the upswing in the late nineties and early 2000s, it was easy to make money people were making swift and big profits on their investments. Then the market crashed and everything changed.

It is important to use due diligence when making this kind of investment.

Do Hire a Trained Home-Stager

There are many real estate agents that are trained in the staging process.  Make sure you find someone who has the background to do this right. A home that is staged and furnished correctly will sell quickly, and that is what we want.

Don’t be afraid to “low ball”, well sometimes

If we don’t ask we will never know if the offer will be expected.  The seller may be insulted, but maybe they won’t and you can save thousands, just by asking.  Just be careful because in a “hot market” low balling will cost you the deal

Do know what you’re getting into

Make sure you find out what renovations the house needs before you buy. Sometimes the necessary improvements are so expensive that the deal just wouldn’t make financial sense. Bring a contractor with you when you tour possible flip properties to determine the extent and cost of needed repairs.

Don’t take on something you cannot handle

Know your experience level and don’t try to do a complete gut down to the studs on your first flip, Make sure you always consult with a professional before moving forward on homes with construction issues that you are not familiar with because things like; foundation, support beam, asbestos or mold issues could cost you dearly.

Do keep location in mind

We all know that location is key to selling a property, but how do we know when we are getting a good one? Try looking for dilapidated homes on nice or up and coming neighborhoods.  Flipping houses in these areas can only have an upside.  Also don’t over improve your house, unless you are 99.9% sure you can recoup the costs.

Don’t hold it too long

Keep in mind the golden rule of 180 days.  60-90 days for renovation and another 60-90 to sell.  You can’t make money by holding on to properties too long.  If you keep up a quick pace, you will be on the road to success, in no time.

Don’t get in over your head with DIY

Long hours spent on DIY remodeling projects — can lead to a bigger profit margin, but only if the work happens quickly and looks as good as a professional job.  If you are confident in your abilities then go for it, but make sure you know what you are doing before you get in too deep.

Do secure your financing ahead of time

Contact us today to get your financing secured before you find that ideal property.

If you have your money set up beforehand you can move quickly when you find the right property.  Winging it probably won’t yield the best results. There is nothing more frustrating than finding “the one” and not having the cash to move forward on it.

Read More