Finally made the jump! What now?

Question

Hey everyone!

I've been working at as a real estate professional at a brokerage that flips houses for 6 years and just made the leap to going out and doing it on my own.  Does anyone have any tips for when they first made the leap to flipping houses on their own?  Can be as basic as a morning ritual or as specific as a software or CRM or marketing technique you love to use.  I am nervous and almost feel naked like "what do I do now?".

Finding deals and funding I am not concerned about.  I am definitely concerned about my ability to find contractors, so any tips with that would be great as well!

Joe Villeneuve · Answer

Learn before you leap, or you won't have anything to leap with.

Jason B. · Answer

@Bailey Rentz Hi Bailey! After choosing your contractor, have a plan B, and plan C. Those plans could include your 2nd pick contractor, you doing some or all of the work yourself, changing your plan from flipping to renting, or selling to another flipper. Just try not to be caught by surprise. Also visit the site DAILY to stay on top of the project. It helps if you're familiar with the process from demo to finish but you can learn that along the way. Showing your confidence to your contractor helps build mutual respect. Let them do their job but also guide them with your vision. If you see something you don't like, bring it up immediately. Also, stay on top of code compliance if applicable. Permits and inspections are a pain and I hated every single one of them when I first started but you learn they're necessary. Hope this helps. I could go on and on. Good luck! We're all rooting for you.

Denver McClure · Answer

Hi @Bailey Rentz! My tip would be to ensure your personal finances are in order before you begin flipping. This could be an emergency fund in cash to cover 3-6 months of a mortgage, or having the ability to access cheap capital to fund your flips! One strategy I've used on a recent flip was to utilize a Margin line of credit on my taxable brokerage account. If you have one, you can borrow a certain % of funds (without selling stocks, etf, bonds, etc) and use that cash for your flip. It's a common strategy I create for my investment advisory clients! Here's an example of some of the rates.

Kerry Noble Jr · Answer

I'll speak to the morning ritual........my morning routine is A1.....and has helped lead to my overall success........

I'm up at 430......pray....meditation.....affirmation notebook and gratitude journaling......Journaling...... off to the gym....

I actually have a night routine that I just started as well.......yoga then 25 mins of reading a physical book......(I do audio books while in the gym though)

Noah Thacher · Answer

@Bailey Rentz, that is awesome, way to pursue your dream! You have got a community of people cheering you on and ready to offer advice & resources when issues come up. Sounds like you have a wealth of experience that you are bringing to the table as well. I wish you the best!

Dylan Bennett · Answer

Hey Bailey! Congrats on making the jump, it can be scary I know! From personal experience, I would say there is only so much you can learn through books, podcasts, etc. The best experience comes from going out and doing it, so hope you are ready. There will be certain things you will have to learn thru failing. For example, you go thru a big interview process with multiple contractors and hire a certain one. Turns out he's not very good. What can you learn by going thru that process?

There is no one way to do this flipping gig. Find what works for you and roll with it. Adjust when necessary and improve where you can. When you look for contractors, ask around. See who other flippers in the area recommend and who they don't. Ask why they recommend or why they don't. There is no specific path to follow. You will make your own way. Use other peoples knowledge to improve your path. Don't be afraid to stumble!

Good luck with your flipping journey!

Bailey Rentz · Answer

Great advice!  Glad and super grateful for all I learned at the company I've been at.  I know I definitely have more to learn as well!

Finally made the jump! What now?

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