Having a real estate education and being experienced in buying and selling houses has gotten Christina and myself a long way in house flipping. That said, we’ve learned a whole lot over the past few years that real estate school couldn’t have prepared us for and that we could never have even guessed before we got into this business. Along the way to starting Success Path and helping others learn to flip houses successfully, the most important thing I’ve learned, though, is to build a great team.
Early on in our time working with HGTV, you might’ve caught an episode of Flip or Flop when Dan Messina made me lay sod with his workers because I was complaining about how much we were going over budget and time. You might also recall that, in that same house flipping venture, I thought it would be okay to fill a pool in with rubble from the yard. Without Dan’s help, we would have had a real nightmare on our hands and a house that wasn’t up to code at all.
Whether you’re a real estate professional who’s been to real estate school or you’re a career contractor and you’ve always enjoyed DIY projects around the house, you need a great real estate team on your side if you want to succeed in the house flipping business. So, who do you need to have on call with you at all times when you’re flipping? You need to have both a real estate team and a rehab team.
Your Real Estate Team
If you can’t afford the time or expense to go to real estate school, yourself, you’re going to need a great realtor who’s versed in buying and selling investment properties. You also need to have a great relationship with a real estate attorney, a certified public accountant (CPA), and an insurance agent.
You’re probably thinking, “That’s great, but where do I find all those people?” Well, fortunately, if you already have a good relationship with someone who does any of these jobs, they are likely going to be able to introduce you to other people in their field to help you fill out your team’s roster. If you don’t already know anyone in the industry, talk to friends, family, and coworkers who’ve invested in real estate and get their recommendations. Once you start networking, you’ll be surprised at how quickly your team comes together.
Your Rehab Team
Now you’ve built the team that will help you buy and sell your flips, but you still need a crew to help you rehab them. I highly recommend finding a trustworthy general contractor who will give you honest estimates (even when they’re more than you want to hear) and will make sure that everything in your house is up to code.
Again, if you don’t know anyone who works in construction or contracting, talk to people who have experience with home repair and rehab. Do you know anyone who’s remodeled their house recently and loved the work, the price, and the schedule that their contractors kept? Are there any residential projects going on in your area? Take a drive around and talk to the contractors you see working on job sites.
A good general contractor is worth his weight in gold. Not only do general contractors have connections in their industry with plumbers, roofers, and other professionals, but others who can get your rehab work done on time and on budget.
With these people on your side, you’ll be on your way to being a house flipping success. That said, a good real estate education will help you get to know the best deals, as well as when and where to buy. You don’t necessarily have to go to real estate school for that, though. That’s why Christina and I teach our Success Path Education workshops – to help new flippers with all of the industry secrets and the ins and outs of real estate investment.