From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1514 topics, 14412 posts — Last Post 04/24/14, 05:53PM

BiggerPockets Exclusive PRO Area

117 topics, 841 posts — Last Post 04/23/14, 08:28AM

New Member Introductions

11000 topics, 86733 posts — Last Post 04/25/14, 12:36AM

Real Estate Success Stories

400 topics, 6221 posts — Last Post 04/24/14, 05:13PM

General Real Estate

General Real Estate

Buying & Selling Real Estate

6008 topics, 47320 posts — Last Post 04/25/14, 12:14AM

Renters

651 topics, 5873 posts — Last Post 04/24/14, 03:20PM

Get Foreclosure Help - Help Stop Foreclosure Forum

317 topics, 2561 posts — Last Post 04/23/14, 08:28PM

Home Owner Association (HOA) Issues & Problems Forum

238 topics, 1611 posts — Last Post 04/23/14, 04:02AM

Do it Yourself

660 topics, 6334 posts — Last Post 04/24/14, 08:31PM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3718 topics, 29817 posts — Last Post 04/24/14, 09:08PM

Real Estate Guru, Book & Course Reviews and Discussions

1140 topics, 11616 posts — Last Post 04/24/14, 08:58PM

Ask About A Real Estate Company

743 topics, 7348 posts — Last Post 04/24/14, 03:12PM

Real Estate Investing

Real Estate Strategies

Wholesaling

5647 topics, 44020 posts — Last Post 04/24/14, 11:32PM

Rehabbing and House Flipping

3354 topics, 31122 posts — Last Post 04/25/14, 12:15AM

Real Estate Development & New Home Construction

554 topics, 4696 posts — Last Post 04/24/14, 09:03PM

Innovative Strategies

705 topics, 6044 posts — Last Post 04/22/14, 04:06PM

Tax Liens, Notes, Paper, & Cash Flows Discussion

869 topics, 6706 posts — Last Post 04/24/14, 08:29PM

Rent to Own a.k.a. Lease Purchase, Lease Options

700 topics, 4961 posts — Last Post 04/24/14, 11:26AM

1031 Exchanges

143 topics, 1063 posts — Last Post 04/24/14, 11:10AM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1693 topics, 11322 posts — Last Post 04/24/14, 10:10PM

HUD, VA, and Tax Sales

416 topics, 3103 posts — Last Post 04/23/14, 02:29PM

REOs

1217 topics, 10604 posts — Last Post 04/24/14, 07:13AM

Short Sales

1539 topics, 13154 posts — Last Post 04/23/14, 08:25PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7260 topics, 71292 posts — Last Post 04/24/14, 10:48PM

Mobile Homes & Mobile Home Park Investing

639 topics, 5146 posts — Last Post 04/24/14, 05:13AM

Investor Basics

Starting Out

7739 topics, 60737 posts — Last Post 04/24/14, 09:18PM

Investor Psychology

434 topics, 6135 posts — Last Post 04/25/14, 12:29AM

General Real Estate Investing

4733 topics, 37341 posts — Last Post 04/24/14, 09:51PM

Real Estate Investor Marketing

1740 topics, 14165 posts — Last Post 04/24/14, 05:08PM

Commercial Real Estate

Commercial Real Estate Investing Forum

1414 topics, 9022 posts — Last Post 04/24/14, 04:12PM

Multi-Family and Apartment Investing

1125 topics, 9422 posts — Last Post 04/24/14, 11:32PM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

645 topics, 4913 posts — Last Post 04/24/14, 12:21PM

Business Basics

Goals, Business Plans & Entities

836 topics, 7599 posts — Last Post 04/24/14, 08:45PM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2806 topics, 20152 posts — Last Post 04/24/14, 08:36PM

Property Insurance

312 topics, 2059 posts — Last Post 04/24/14, 10:22AM

Personal Finance Discussion

330 topics, 2754 posts — Last Post 04/22/14, 12:06PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2854 topics, 19852 posts — Last Post 04/24/14, 09:30PM

Creative Real Estate Financing

1222 topics, 8875 posts — Last Post 04/24/14, 10:28PM

Crowdfunding Real Estate

35 topics, 463 posts — Last Post 04/19/14, 06:24PM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1219 topics, 8057 posts — Last Post 04/24/14, 10:08PM

Bankers, Lenders, and Mortgage Brokers

442 topics, 1931 posts — Last Post 04/23/14, 09:04PM

Contractors

268 topics, 1689 posts — Last Post 04/24/14, 05:05PM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

2023 topics, 11777 posts — Last Post 04/24/14, 09:52PM

Americans & International Real Estate

162 topics, 572 posts — Last Post 04/24/14, 03:31AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

66 topics, 442 posts — Last Post 04/24/14, 09:50PM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

15103 topics, 54177 posts — Last Post 04/24/14, 11:00PM

Real Estate Events and Happenings

169 topics, 2630 posts — Last Post 04/24/14, 10:58PM

Off-Topic

Off Topic

Off-Topic

2909 topics, 32451 posts — Last Post 04/24/14, 07:22PM

Housing News & Real Estate Market

923 topics, 8398 posts — Last Post 04/24/14, 09:05PM

BiggerPockets Real Estate Investing Summit

97 topics, 1752 posts — Last Post 04/23/14, 04:51AM

BiggerPockets Resources

Forums » Rehabbing and House Flipping » FASTER Flips - What Do YOU Do?

FASTER Flips - What Do YOU Do?

4 posts by 3 users

Signup

Real Estate Investor · Minneapolis, Minnesota


Working to accelerate the pace of our short term holds. Thought this thread could serve as a discussion of tips/techniques that have accelerated the velocity of your flips. i.e. active marketing prior to mls (do you properties even hit the mls?), contractor management, perhaps you can even share a .xls of your project schedule template? Let's have a general discussions of ideas! :)

Thanks in advance,
Cat



· St Paul, Minnesota


While I dont have experience in this, you may want to check out J Scotts site. www.123flip.com ... more info than you can shake a stick at.



Real Estate Investor · Ellicott City, Maryland


A few things I like to do:

- We have good relationships with the agents we've done business with before (agents who've brought us buyers). A few days before we're ready to list, we send an email to these agents offering them a preview of the house before it hits the market. They know our product and how easy we are to work with, and we often get buyers this way before the houses hit the market. In fact, in 3 of our last 5 sales, the house was under contract in the middle of renovation because the agents called us to see what we had available. (We don't normally show houses before they are 100% complete, but we'll sometimes make an exception)

- When managing the subs ourselves (the times we don't use a GC), we are clear on our schedules upfront. We try never to have a down day (when no-one is at the house working) and we try to optimize our schedules so that we can have multiple contractors working simultaneously without dependencies or getting into each others way.

- We provide incentives to our contractors. First, we try to give them as much business of our own as possible, but we also refer them out AS OFTEN AS POSSIBLE. This means they have other jobs waiting, so the sooner they finish ours, the sooner they can move on to the next job -- whether ours or someone else's. Also, we like to give bonuses when a job goes smoothly, finishes under budget and/or under schedule, etc. A couple hundred bucks isn't much to us on a project, but can make a big difference to our contractors; this lets them know we appreciate the hard work.

- We don't rehire contractors who don't perform well. If a contractor is doing something that consistently keeps us behind schedule, we just don't use them anymore.

- We let all of our contractors know upfront what the schedule is, and I make everyone aware of the date on which my wife want to move the furniture into the house to stage (i.e., when the house needs to be 100% complete). While my contractors aren't the least bit scared of me, they really don't like to upset my wife... :)

- We communicate often with our contractors. If they know that we'll go out of our way to not waste their time, they'll do the same for us. For example, if our painters are scheduled to start on Monday and it looks like we *might* not be ready until Tuesday, I'd rather tell the painters well ahead of time to just plan on Tuesday. That way, they have time to fit in another 1-day job as opposed to getting to the house on Monday morning and finding out the house isn't ready. They appreciate us looking out for them and always return the favor -- if they have a scheduling conflict, they'll let us know instead of just not showing up.

- We know how our contractors like to work. For example, our painters are amazing. If they have the house to themselves, they can do all sheetrock/siding repair, prep and paint on both the interior and exterior in three days. If they have to share the house with other contractors, it messes them up and can take twice as long. They don't like that because it means they are losing days where they could be doing other projects. So, we *ALWAYS* ensure that the house is empty of other contractors when our painters are working -- things get done faster and everyone is happier.


Small_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Telephone: 770-906-6358
Website: http://www.123flip.com
CHECK OUT MY BIGGERPOCKETS BOOKS: http://www.biggerpockets.com/flippingbook


Real Estate Investor · Minneapolis, Minnesota


@J Scott, thank you so much for all of your insight. Great advice. The real ticket item seems to be the communication between you and the contractors as well as truly working with them as a business partner in your endeavors.

Thank you again! Excellent advice as always!





Sign up