The Essential Members of a House Flipping Team
As with most things in life, teamwork makes things easier. In house flipping, this means sharing some profit or giving up a percentage to pay others, but it’s worth it in the end. The essential members of a house flipping team each play an important role in bringing a house to market. Let’s see who they are.
What Is a Flipping Team?
House flipping is the process of investing in residential properties that need work, repairing those needs, then selling them for a profit.
When a flipper does all of the work themselves, the profit is all theirs, but getting to that point takes at least twice as long, and hiccups along the way are difficult to deal with when doing an entire flip alone. Choosing to work as a team eliminates the fear of being helpless when something goes wrong. When you have a team, someone will always be there to handle the problem. The team consists of different members who are professionals in areas needed for the house flip.
Real Estate Agent
There is a temptation in real estate investment to go through the searching process alone, without the help of a realtor. Realtors spend their free time studying the market. They know before anyone else when a great investment property is coming soon.
Allow a trusted agent on your flipping team, and they will quickly become your go-to source for investment properties while you focus on the flipping.
Home Inspector
Rather than search for a home inspector every time a new property is found, have an inspector as part of the team, knowing you can always count on them when it’s time for an inspection. Home inspectors appreciate the regular turn-over from being on a team, while as a team, you’ll appreciate knowing each property is thoroughly inspected.
Contractors
Many flippers do the work of flipping themselves. It’s definitely a cost savings. However, if time is money, then money is lost when doing the work alone.
With a contractor on the team, the work on the home is completed in half the time, meaning the next investment happens sooner. Of course, this is a profit loss because of the cost of hiring others to do the work, but in the end there’s sometimes a cost savings since professionals can take care of unexpected issues.
As a flipper, if you can’t do any work on your own, you must get a contractor. They have their own team of electricians, plumbers, and every other tradesperson needed to bring the home to market. Also, with just a quick walkthrough, a contractor can tell you the estimate for repairs within minutes.
As you gather information about the essential members of a house flipping team, remember that unless everyone truly works together as a team, it isn’t worth it. Choose members who are as passionate about house flipping as you are, and together you’ll all experience the benefits of residential real estate investments and house flipping.
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