So, you’re getting ready to start house flipping, but you’re wondering how much work you should personally take on. House flippers, especially newbies, might be looking to take on work themselves and cut corners to save on costs.
While your profit-driven mind and willingness to get your hands dirty is admirable, I do not recommend taking on a lot of work yourself. No matter how big or small your operation, flipping a house is a business. That means, even if it’s a single property you’re flipping, you should treat it and hire professionals.
I believe in taking on less as the flipper, and instead, overseeing the project as a whole. Don’t fall victim to the dangers of DIY house flipping!
Here’s why and how to get started finding the right contractors.
You’re Needed Elsewhere
While it might seem appealing to skip the contractors and handle things on your own, you must ask yourself, where are you better off spending your effort?
Instead of wasting time on a project, you’re learning on the job or “winging it,” hiring a professional frees you up to focus on what you do best, and trust me, there are plenty of other things you can be doing.
I recommend staying hands-off and using your spare time to oversee projects and work on the behind-the-scenes of your business. This includes keeping up with house flipping trends, researching the market and available homes, and networking with others in the industry.
Time is Money
Time is money! Hiring contractors help you avoid unnecessary mistakes, delays, and any fixes needed in the future.
You may be capable of the projects, but to get the most out of your time, and have keep your profit high, you have to consider the benefit vs. cost of you taking on the work yourself. Completing extra work on your own eats into your spare time, where you could do other things. If you could have hired someone else to do the work in a fraction of the time, that’s money lost.
Plus, think about the end result. If the quality of work is not in line with a contracted professional, it will cost more money, in the long run, to make it right.
Buyers Want the Best
The end goal is a beautiful, profitable flip. Buyers have expectations for renovations, and professionals will do the best. It makes a difference, and I promise they will notice.
Hiring vetted contractors ensure you’re getting the best work, and you’ll be proud to show off the final results. A contractor will make sure everything is done correctly on time and have the experience to address any hiccups that might pop up.
Logistics
Your flip project has a lot of moving pieces and timelines. When you do some of the work and hire some of it out, responsibilities get fuzzy and make it all even more confusing.
Keeping to your timeline is crucial to a successful flip, and the last thing you need is a mix-up of responsibilities. To keep things running smoothly, set clear expectations and identify roles early on.
How to Hire
I have seen that hiring out starting from your first flip leads to the best results. House flipping is a business even if you’re only working on a single house. To realize the best profit, it should run as a business. This will also make it easier when you increase the number of active projects you’re working on in the future.
As tempting as it may be to save a bit here and there, it’s a great lesson to run a project only from an oversight position. And don’t worry, there will always be some random touch-ups at the end that you can take on if you want to!
Here is a quick breakdown of how to get started finding the right contractors:
- Ask trusted friends and family for recommendations.
- Check out local forums and websites like Yelp to see ratings and reviews.
- Meet with more than one contractor, and discuss their experience, availability, and project specifics.
- Pitch your project at the same timeline and rate to multiple contractors.
- Do not automatically go with the cheapest option.
More a complete guide to hiring contractors, check out this blog.
Ready to take that next step when it comes to flipping?
Perfect! I’ve got additional resources to help you get the information you need to move forward on creating your flipping life.
Make sure you have the Fixer Upper Checklist so you know which areas are key to added value in a home.
There are several videos available on finding houses, renovations, and funding on the Threshold Homes YouTube Channel. Check out your favorite flipping topics and new videos weekly.
You can’t close a successful and profitable flip unless you start. What is your biggest challenge with getting started house flipping? Let me know. It may be an area I’ve also had questions about myself. I’m here to help so drop me a DM.
Want to buy a property and renovate it?
Get my checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.
Love before and afters?
Follow us on IG @thresholdhomesmn and FB @thresholdhomesmn to see the projects we’re working on. And for more ideas on renovating & restoring fixer-uppers!
Looking to buy a house to renovate? Check out the fixer upper checklist to help you find the house with the most “flip” potential. For more inspiration follow me on Pinterest @thresholdhomesmn
Leave a Reply