Flipping a property is an all-encompassing endeavor. Taking the task on alone is an option many consider. However, having a team of skilled professionals to work with, will benefit every aspect of flipping a property. In the words of John Heywood, “Many hands make light work.”
Choosing a team to work with can seem daunting, but with a few preemptive steps you can be on your way to happy flipping.
Networking – Spending time within the real estate community will make your presence known, as well as affording opportunities to meet people with similar vision. Conversing with veteran house flipping specialists can aid in mutually beneficial business relationships with key members of a team. Being able to see who you share common goals with, can also open avenues of partnership. Creating constructive relationships with qualified personnel will set foundations that will work for you, for years to come.
Real Estate Attorneys – Operating with an attorney on your team can save you time, and ultimately money. An attorney will already know the ins and outs of real estate law. They will be able to guide you in the process, should any obstacles arise. Many feel they can “go it alone” in regards to not needing to retain an attorney, or wanting to save money in this aspect. Having an attorney on retainer is a wise investment when delving into flipping homes.
Certified Public Accountant (CPA) – Finding an accountant that is highly qualified is necessary when flipping homes. The wrong CPA can cost you money. The right CPA can save you money. An extensive knowledge of real estate tax law is undeniably the best route. A good CPA will be able to apply legal accounting strategies to save you the most money within your business.
General Contractors (GC) – The GC you hire will be the hub of all work done on property renovations. They will choose which subcontractors to use to complete jobs, such as plumbers, electricians, and carpenters. Choosing an honorable GC will ensure that they choose honorable subcontractors to complete each job. Having all of the labor personnel working together for the greatest outcome of the project as a whole will bring the most ease to everyone involved.
Real Estate Agents – Search out for an agent that has knowledge and expertise in flipping houses. There is the option of working with, and training, an agent in flipping homes. However, that comes with its own tribulations and trials. Choose carefully based on what you want your agent to accomplish for you, and if you have the time to train/work with an agent new to this avenue of real estate.
Lenders – An important member of your team will be the lender you choose. Having someone that can do the leg work to help provide funding for the property renovations and purchases, will leave more time for you to be active in your end of the project. Consider what type of financing you want, and bring in a lender that will help you acquire just that. Even the most successful real estate renovators depend on financing to help start, or finish, projects. Utilizing a lender helps to protect dropping too much money from out-of-pocket into a job.
It may take a few tries, and shuffling through a few professionals, before you lock in a team that works well together. However, it is worth the effort it takes to investigate and research, to find the team of your dreams!
Written by Tawny