How To Prepare For A Flip

When you’re preparing for a flip, there’s a number of things you want to do. Once you get it under contract the most important thing to do is prepare to get your estimates. Get your painter, your furnace guy, get your carpenter, get your window guy, your door guy, your electrician, your plumber, your roofer, your cabinet guy, and your granite guy. Get your architect in there. You have to get all the contractors in the property so you can determine the scope of work so you know and they know what to expect from each other. Decide who you’re going to use. The key is to use people who are going to execute well.

I cannot stress this enough. You have to be able to execute because that’s really going to make the difference in if you end up succeeding or not. If you prepare well enough you will be ready day one. If you prepare and get everybody on the same page, your outcome is going to be ten times better than if you don’t prepare and you take it haphazardly. How is everything going to look? How is the paint going to look, how are the floors going to look, what materials are you going to use? How does the design come together? It’s so important to ask these questions to yourself and come up with the answers. Once you get all those estimates then you want to get the contractors on your calendar. You want to stay consistent and not cancel on them because construction guys, they don’t like being cancelled on. They have to re schedule jobs and when that happens it costs them money.

When you get them on the calendar, make sure they’re going to show up. If a guy doesn’t show up a couple times cut him. They don’t deserve the business you are going to do. The contractors that I work with for a long time know that its a good idea to keep me happy because that means more money for them.  And I know to keep them happy so I want to make sure I prepare for them.  That is a win-wi Know what your game plan. Try not to have any down days when there’s nothing going on in or outside of the house. If you execute right you can take a project that’s supposed to be done in 90 or 120 days and you can get that done in 30 days if you really know what you’re doing.

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