For a newbie in flipping, would you suggest hiring contractor for repairs/repairs? I would you use people specialized in certain areas(plumbing, carpenter, electrician,etc) ?
Yes, you will need professionals to take care of the repairs.
Thanks Curt. I have family members that work in plumbing, electrician, etc. And wanted to confirm hiring someone that does complete rehabs versus separate individuals doing the job?
Consider going to the local REIA speak to the president try to get a referral for trades that provide investor pricing.
If you are not familiar with the process of a renovation, hiring a general contractor to oversee and schedule all the subs will make the project go much smoother and faster, in my opinion. That said, it will cost you more money because he will get a percentage of the cost. I would use one for your first few flips so you can learn about the process. I am speaking as an architect as I have not yet flipped a property.
I agree with @Raven Parmer . I would hire a GC if you have little experience.
That being said, after a few jobs working around the GC you can get to know the process of sub contractors and possibly try to take on more of the management yourself.
Just a thought!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing