Rehabbing is hard work, and it’s even harder if you don’t have a team of trusted backup helping you. For anybody who doesn’t have an army of professional contractors ready, relying on help from friends may seem like the best option. We encourage investing in a solid team who can help you bring your dream of flipping houses to life.
When this team includes friends, how can you navigate the lines between a personal and professional relationship? It can be difficult, but there are several ways to avoid any of the pitfalls commonly associated with such endeavors. If you want to go in on a rehabbing project with friends, check out these do’s and don’ts first.
Do: Make Your Business Arrangements Clear
You can’t have a good working relationship with anybody if you don’t have clear negotiations beforehand. Be upfront with your friends about what you expect from them and what they can expect in return. Even if you forgo a formal contract, put your agreement into written form so that you can maintain clear working conditions. Clarifying the business side of things is the first step to avoiding any potential misunderstandings that may result from your working relationship.
Don’t: Take Advantage of Friends’ Generosity
You may have friends who are qualified and able to help you with flipping houses, but a little appreciation goes a long way. Don’t take advantage of their willingness to help by neglecting to say thanks or pushing your crew too hard. This will only result in animosity and tension. Instead, make your appreciation for everybody known and recognize the individual effort everybody is putting in. Each of your crew members has a unique talent they bring to the job, so they deserve thanks for investing their abilities.
Do: Keep Communication Open
When you are dealing with a group of people, especially during a project like rehabbing, it can be difficult to tend to everybody’s concerns. The best way to keep all parties happy, however, is to maintain open communication. Even though you’re working among friends, it can be easily to overlook important issues that arise. By deliberately emphasizing communication, you eliminate many of the most common complications that arise from working with friends. If things seem to be getting a little quiet, don’t hesitate to check in with everybody and ask how they’re feeling about the project.
Don’t: Overstep Your Bounds as Team Leader
Success Path Education emphasizes the importance of maintaining a respectful and productive team. You can’t have one without the other, and as the leader of your group’s attempt at flipping houses, it’s your responsibility to implement this policy. Be mindful of your role, and remember that it entails unifying your team as much as it does delegating tasks. This means you need to keep tabs on everybody and understand that even if you are working with friends, hard work takes its toll.
There are plenty of awkward situations that can arise when you are working on a project with friends, but most of them are easy to avoid if you stay aware of your team and pay attention. With these tips and advice, you can spearhead a successful house flipping enterprise, and you can do it with help from your friends, too.