Today lets talk about hiring the right contractor when flipping houses. Ok so I have not been around blogging as I should, and it has been mainly due to the fact that I have been really focused on flipping one of our properties. This particular flip has been time consuming and tedious to say the least. So I thought why not blog about the challenges we have been having with this particular property. So if you want to be in the flipping game, you must first ensure that you have a great team of contractors, so that you can get in and get out in a fairly decent amount of time. Flipping properties is all about timing and how fast you can turn your investment into a profit. Always remember Time is definitely money, and never let anyone waste your time. When you decide on a property to flip, you have purchased the property and you have everything in place, ready to begin . Please make sure you have hired the right contractor to work with you.
Hiring the right contractor when flipping houses can make or break a flip. You must know what your getting into in the door, you have to know how to handle yourself. We have dealt with at least 4 different contractors on this one particular property, and I must say it has been a real headache. I have been hearing from other investors/flippers in the industry that many contractors are falling short of their commitments to adhere to the jobs they take on and aren’t being very reliable. This is something that can be cause for alarm if you have a contractor like this working on one of your jobs.
Make sure you have the best team of contractors working for you, also it is a good rule of thumb to have several different contractors on hand or standby so to speak in case one falls short you can contact another. We learned this early in the game, but for some reason this past year has been very difficult in finding good reliable help. Now I don’t mean to sound discouraging for those who are interested in flipping houses, please don’t get me wrong this business is very rewarding. However the DIY shows definitely don’t show you this side of the business, when a contractor who has been hired and given a deposit doesn’t’ show up. Or are missing for several days or even weeks and you have a deadline to meet. Those shows don’t’ show you how to handle a particular situation like that. But I’m sure it would make for some great reality TV viewing to say the least. Anyway just thought I’d give you a reality check, and something to be mindful of in this game. At any rate I digress. So as I close this most I can’t reiterate enough how important it is to hire the right contractor when flipping houses. It is crucial to your success!