House Flipping - Forming A Team For Flipping Success

Posted by Nick Niesen on November 8th, 2010

First, you need to be sure to form a team for your company.

In order to make a huge real estate flipping company you need to formulate a team. When I was looking into flipping a property I wanted do everything myself, and I found out real fast that I did not have the money nor the experience to be successful in this industry. So, I having a background in construction partnered up with my brother who work's for a nationwide Real Estate company in the REO department and handles contracts all day, decided to work together on a flip. So, we develop our corporation with the help of a investor, and we were ready to go. Everything, works so much better with a team, a flip that would have took a single person months to do only takes us weeks.

Second, have contractors or handymen do the work. As a flipper you need to be out finding deals and working at getting the property sold. Hire out the labor portion of the job. This was the hardest lesson for me to learn. The first flip I work on took over 3 months because we did all the work our selves. After that, the lesson had been learned and we hired out all the labor on the second flip and everything was finished and we had a open house within 3 weeks.

Flipping is more profitable when you have a great team:

Third, have an awesome realtor. Realtors are a dime a dozen, but you need to look for the diamond in the rough. The hard worker that wants to get your property sold, not just stick it on the MLS and wait for a call. A good realtor is constantly staying on top over everything that relates to your house flip getting sold. Also, a good realtor will let you know if you are going to pay to much for a house, or if you are asking to much for the property you are trying to sell. I do not recommend trying to do a FSBO because you have no coverage. I do things to help with the sell of the house above the realtor, but I still depend on the realtor as the main source of getting my houses sold.

If you can put together a team that works for you I believe you will be more profitable and less stressed in the long run