Flipping Houses

The 5 Key Players Every House Flipper Needs On Their Team

Expertise: Flipping Houses, Personal Development, Real Estate Investing Basics, Mortgages & Creative Financing
105 Articles Written

Many house flippers get into house flipping thinking that they can do it alone.

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It’s easy to fall into the trap of thinking that going “lone wolf will help you keep all the profits for yourself and let you make more money.

It’s easy you think I can:

  • Find the house on my own…
  • Buy the house on my own…
  • Renovate it on my own…
  • Sell it on my own…
  • Do all the legal stuff on my own…
  • Handle the tax stuff on my own…

If I do it all on my own, I’ll make  more money on my own…right?


Unless you're a skilled real estate broker, contractor, not to mention expert accountant and know everything there is to know about real estate law, this is a losing proposition.

Bottom line is this: house flipping is not a solitary process; you need to have a team that consists of the right people.

In fact, the very first thing I tell everyone and anyone who wants to get into house flipping is that you must do is build a solid team.

It’s the most important step of flipping houses!

Forget the 70% Rule or ARV or MAO, assembling the right people to help you flip houses successfully. Because without them, your attempt at flipping houses will be an epic fail.

Five Members You Need To Have In Your Team

When all is said and done, your team will of course consist of more than five people. Five is the base number! The exceeding amount of  people you will need will depend on the deal flow and scope of your house flipping career.

1. Real Estate Agent

There are two ways that you can look for a real estate agent.

One of them is to find one who already has extensive experience in house flipping and the other is to find one and train him/her.

You may need to work with more than one agent depending on the territories they are familiar with.

You can also work with real estate agents who specialize in selling foreclosures, commonly known as real-estate-owned (REO) agents.


You need to hire contractors you can trust because they can make or break the deal. You can work with them in a number of different ways so finding the right ones is very important.

If you are just getting started flipping houses, the right contractor is a step towards the right direction.

A general contractor can run the entire project and they are also responsible for hiring subcontractors.

If you can find one who can work within your budget, the better it will be for you.

3. Insurance Agent

There are different types of house flips and they all require different types of insurance.

How you set up your business structure will determine how you handle your insurance.

It is crucial that you hire an insurance agent who understands your business structure and can give you credible advice on how you should go about insuring different types of properties.

There are several elements that you should find out from your insurance agent such as homeowners insurance, liability, builder’s risk insurance.

Don't forget title insurance as well – but that usually comes from your attorney. It's a vitally important one and protects you from serious downside risk.

Related: 3 Insurance Products You Probably Didn’t Know About – But Should Be Using

4. Certified Public Accountant

Hiring an accountant can either help you save or lose money.

The U.S real estate tax code can be interpreted in a number of ways so it shouldn’t come as a surprise when you hear different answers regarding house flipping accounting issues and real estate.

You need to find the right type of accountant by looking for one who has extensive knowledge on U.S Tax Laws for real estate investing and house flipping.

They should also be able to keep you out of trouble with the IRS as well as keep your taxes low by employing legally accepted accounting strategies.

It would also be a good idea to involve your accountant when formulating your business structure. Make sure that they consult with your attorney so that they can create a business structure that works best for you.

Related: BP Podcast 049: Real Estate Tax Tips, Jokes, and Loopholes With Amanda Han

5. Real Estate Attorney

Many people who first venture into house flipping dismiss the idea of hiring an attorney.

Some even consider hiring a legal Internet service that is second-rate at best.

Remember that you get what you pay for when it comes to all advice, and legal advice is no exception!

So if you look for a cheap attorney you should be prepared to get cheap services.

I wouldn’t advise anyone in the house flipping business to skimp here. It’s best to hire a real estate attorney with a proven track record and plenty of experience in real estate law.

Hiring a genuine attorney may seem expensive, especially when they send the first bill to you and their retainer charges are not cheap either!

Don’t think of it as an expense though.

Think of it as an investment instead.

It is way cheaper to hire a competent accountant than to hire one who doesn’t know what he is doing.

If you’ve made it this far please leave a comment below!

Have I left out a crucial team member?

Leave a comment and let me know what you think.

Michael LaCava is a full time real estate investor, house flipping...
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    Replied about 6 years ago
    Totally agree with everyone you’ve put on the team. I would add a good mortgage broker with strong relationships with hard money lenders as part of the team.
    Replied about 6 years ago
    You are absolutely right CK. A mortgage broker gives you multiple options when they work with hard money lenders as well.
    Replied about 6 years ago
    Come on man? No love for the lender?
    Replied about 6 years ago
    Absolutely right Jimmy. NO MONEY – NO DEAL How silly of me to not put “money guy” in there. LOL. We work with private money, hard money and banks. Lots of options are great. Money is in the top 2 and is debated quite often if it is more important than finding the deal first I have my opinion. What is yours.
    Replied about 6 years ago
    Pretty spot on mate, Great blog. Business is easy, its people that make difficult. Having the “RIGHT” people around you to assist are key to success in any business ventures IMO Thanks and have a great day.
    Replied about 6 years ago
    Thanks Engelo. Good point you made about business being easy and people making it difficult. It sure is good when you have the right team of people and sour when you get some bad ones. TY
    Replied about 6 years ago
    I think the key point you made is you can’t be skilled in ALL these things. If you started investing after being an agent, then you can probably act as your own agent on most of your transactions (save for ones other agents bring to you). If you were a real estate accountant before investing you can probably do your own taxes. If you are an attorney you can probably do your own legal work especially on a vanilla transaction. If you are a contractor or tradesman you can probably GC your projects effectively (Still would say you want to minimize that amount of your own labor unless your goal is only to do 1-2 rehabs a year). Eventually you will probably want to have others do these jobs, or at least have support people to do most of the nitty gritty work, as you grow but it is reasonable to utilize and leverage the strengths you enter the business with to save some money and learn in depth those aspects of the business. In this case I would actually it is MORE important to get those other team members in place right away since you can dilute the actual value you can bring by wasting time trying to learn the other stuff too.
    Replied about 6 years ago
    Know enough to be able to hire the right people. Good points Shaun
    Amanda Han
    Replied about 6 years ago
    Great post Michael! Flipping can be a full time business and the team members can make life much easier (and profitable) if used correctly. thanks!
    Replied about 6 years ago
    Thanks Amanda. “If used correctly” is the key as you mentioned.
    Bruce Silverman
    Replied about 6 years ago
    I agree with some of the other posters here….how can you leave out the lender. We lend 80% Loan-to-Cost in our market, which is Metro Atlanta. How can you not benefit from someone who is willing to fund 80% of YOUR project. Before anyone thinks this is a promotion for my company, it is not, we only work in Metro Atlanta. Please do not call me about any other areas in the US, Canada or anywhere else for that matter.
    Replied about 6 years ago
    I agree Bruce & I should of included it for sure . I commented to Jimmy in this regards as well. I write so many blogs and if you check out my other blogs you will see how important the money team member is. And the plug thing. Brilliant! all kidding aside if I ever get to Atlanta to do a deal I will look you up. Thanks
    Replied about 6 years ago
    Mike, I assume that your reason for having an attorney is because in the East where you are, the attorney performs the same functions that a Title & Escrow company does in the West (and other parts of the country). So if you are doing business in a State that uses Title & Escrow, the attorney is far less important of a player on your team. Once you have your business entity set up, your need for a real estate attorney will probably be limited to some unusual circumstance. I haven’t had the need for an attorney in years. I am a real estate broker and that is invaluable in finding flips. It takes me less than an hour per day to see everything new, closed, back on market, pending, and price changed. That gives me an excellent understanding of the market as well as looking at every new listing that I might be able to buy and flip. I consider the commissions that I get at time of purchase, and sale as totally separate from the flip when considering the project profitability. So I earn money acting as the agent, and then I earn money on the flip. Those need to stand on their own or you are cutting your profit estimates too close, and will eventually get burned. Having good contractors is essential but buying the flip at the right price is the most important. If you buy it right you will make money in spite of a contractor issue, but if you pay too much for the flip then it’s doubtful that the contractor or anyone else can save your bacon. Finding private, and hard money is the easiest part of the entire process. I never use a mortgage broker because I have no need for them, and most flippers probably don’t need them either. Secure your private money, and have it in your business account so that you can make a purchase immediately. If you need additional funds then your hard money lender will handle all of the mortgage paper work which is included in your fees. I don’t obsess over the hard money lender’s rate because that is relatively insignificant in the cost of the project. It’s like tripping over dollars to save pennies. In my area, flips coming from the MLS have become virtually non existent. I haven’t purchased one in that fashion in over a year. So what I do is look at the wholesalers, and build spec houses. Specs take more time but you can still make a handsome profit. Keep looking for the flips but keep your money working in a spec house when necessary. If you are going to be a successful full time flipper then you need to work with what the market gives you at the time. Mike your advise is very helpful to those who are just starting out. If they heed it, they can shorten their learning curve, and reduce their cost of experience.
    Replied almost 6 years ago
    Thanks for you long reply Gene and sharing. You are correct on the attorney statement and there are many messed up titles for sure that an attorney is needed.
    Replied over 5 years ago
    That is one solid team for sure, good deal! I really enjoy this site. We Haven’t been doing this forever And Don’t Claim To Know Everything By No Means, I’ve just been doing a lot of reading of the average profit made on most flips and Remodels. Well My wife hits our profit extremely low , which isn’t a bad thing at all because its great to get that nice surprise. I’ve even started doing the same thing and in some weird way its keeps you more calm about everything. MAIN COMMENT/ QUESTION … Which ever it ends up being : – )….I keep seeing this book about “Make An Awesome $50,000 Profit on ONLY 3 Home Flip” …. Now like I truly expressed before we learn something new everyday BUT If Our Profit Was ONLY $16,666 On our house flips / Upgrades / Completely Modernizing …… There Would be NOWAY I would Be In This Business LOL. PLEASE UNDERSTAND We are in no way shape or form Saying That We Are Spoiled Brats And We ARE NOT saying 16k isn’t a lot of money. Bottom Line that’s just WAY to much planning and work to make a 50,000 Bill on 3 properties. If That Was The Case Id Still Be In The Car Business As A Desk Manager That I’m SO GLAD To Be Completely OUT OF, Working 65 HRS a week, bringing in 9- 11,000 a Month MEAN HELP ME HERE. It may be The Location we live In is a lot different, We live right here in middle Georgia. Our Avg. Profit ON ONE PROPERTY, NOT THREE Is Always $43,000 – $50,000 .I WANTED TO REPEAT ON ONE PROPERTY NOT THREE, Of course Its always fun to do the Home Run Deals And Make THE BIG $100,000 – $131,000 ,,, I have To Say Those Are Super Exciting. If Anyone Would Like To Comment, PLEASE Do So. Thanks, Clay Bec Investments, LLC
    Replied over 5 years ago
    I agree Clay. I would not project to make $50K on 3 deals. People flipping $60 to $80k homes may fall in this category but not our market or yours it looks like.
    Cheryl P. Rental Property Investor from Lorton, VA
    Replied about 5 years ago
    Hi Michael, Really appreciate this article as I am in the process of trying to build my team. And I admit that my trying to avoid the time/energy and frustration of trying to build this time has cost me so much time that could have been spend finding properties. I have accepted that I can do my due diligence but I have to commit to team members and be prepared to move on if they turn out not to be a fit. For any in the Northern Virginia Fairfax County area, I am accepting your referrals for attorney, accountant, contractor, real estate agent, broker and insurance agency. I am currently screening the following people and would appreciate any feedback from others who have worked with them: Attorney: Kellye Clarke from Hometown Title & Escrow, LLC and Keegan, DeVol & Clarke, PLC. Alexandria, VA Accountant: Bikramjeet Singh CPA from Sangha CPA in Fairfax, VA Thanks again, Cheryl