How many of you Flippers work with a contractor

3 Replies

I am wanting to combine capital from multiple investors and purchase properties for flipping. Do any of you that currently do this have a go-to contractor? How did you get connected with them? I feel hesitant to pull the trigger on many of the flips I find. I estimate repair costs and the numbers make sense to move forward but I feel that I should work with/ get the opinion of o professional before I pull the trigger.

I am currently doing my first flip.  Using a contractor...

REAL numbers are the issue with self estimating. Imagine you are off by $10k... what does that do for your numbers...  permits... how much do they cost... let me tell you, more than you think...  ANd TIME... usually with flips, holding costs with long holds are killers..  unless you are REALLY dialed in with subs... are you gonna get bids for each trade and get everything scheduled etc... This is where a contractor comes in.  You are paying for their knowledge, their network.

I've done several flips. I was hesitant like you but the only way to flip a house is to get your feet wet. It's all about gaining experience. Of course you want to make money. I started off by getting in contact with several contractors and got estimates. I ended up with the right guy who didn't charge too much but wasn't cheap either. He currently is my go to guy; however, there are times he is too busy. On my current project, I started from scratch with contractors and got several bids. I found 2 guys that do good work and i hired them. I learned the pricing in my area for certain things and when i ask for bids i know if they charge me too much or if the price is good. Once you start, you will figure out how much a contractor should be charging you. At the end it all depends on what you want done and how fast you want it done. There has been projects I could have saved money but I needed it done quicker. Good luck with your project(s)!