The allure of flipping houses can be intoxicating–Working your own schedule, directing vendors, contractors, and laborers on a project like an orchestra conductor. Seeing the results of your vision come to life and walking away with a fat check can be enticing. Learning how to flip houses can tap your creative abilities, secure your financial future and expand your skills. It can also help establish fruitful lifelong relationships with contractors, comrades, partners, bankers, realtors and more.
Because there are so many hats to wear, the house-flipping business presents a rare and exciting opportunity for you to experiment with activities and learn what you would like to participate in doing. If you find a specific area of flipping houses you enjoy getting your hands dirty in, such as painting, decorating, landscaping, marketing and so on, enroll in a local or online continuing education course. There are so many aspects of house flipping including sales, accounting, vendor relationships, purchasing, staging, advertising and more, that you are sure to find things you excel in. Then you can delegate the rest.
The Reality of Flipping
While watching popular television shows about flipping houses can be entertaining, the reality of investing your money and time into rehabbing a property can be a daunting commitment. After all, you might not be a plumber, electrician or guru on building codes. However, with the right knowledge you can learn to ask the right questions, hire the right people, get the right results… and make money while having fun in the process.
Gather a Quality Team
Flipping houses can be a flurry of activity that begins with a purchase. Getting a mentor or mentors in your corner before you begin can put you ahead of the average beginner. Learning the tricks of the trade from someone who has “been there, done that” can prove invaluable. If your mentor has worked in the area you will be focusing on, ask him or her for helpful contacts. The more sources you have to learn from and utilize, the better.
Getting the right contractors, realtors and so on to get the job done does not mean you have to learn everything they know. Hiring the right people means qualifying them first. Choosing the cheapest contractor can be the costliest mistake. Verify the people you hire through:
- License information
- Reference checking
- Reputation confirmation with local groups such as the BBB
Once you have a group of people that you trust to do the job, much of the project is easy. Keeping this team intact can support you from one project to the next.
You can learn from the people you hire by asking questions. This does not mean you become a pest. Engage the people you hire in conversation by taking them for coffee and asking about them, not just about what they know. You will find most people are thrilled to talk about how they got in the business, what projects they have worked on and the challenges they have overcome. Keep a journal of what you learn about each of your team members and their expertise.
You will learn much more about flipping–and build valuable connections–if you take the time not only to hire knowledgeable professionals, but to get to know them on a deeper level as well.
This post was written by the blogger team at Movoto Real Estate, an online brokerage based inSan Mateo,California. Movoto has listings in 35 states in theU.S. and works with pre-screened agents to ensure great customer experience.