First Flip Prepping Advice

[Joe Threats]

Ok BP I'm prepping for my first flip.... I will share what I have so far and any advice you may have please share. I've been wholesaling so I feel know how to analyze potential deals. I've been looking for my own leads and also working with local agents who've been sending me a few decent off market properties. I currently have my funds ready (hardmoney). My goal for the first flip is to simply find a property that only needs upgrades in the kitchen, bathroom, paint job, flooring and any other" small" items that will add value. As I continue to search for that first property my plan is to already have a few general contractors in order. Along with that already have a few places in mind I would get flooring,cabinets from etc. My question I guess would be what are some other items I need to make sure I account for well in advance? So I can have a great experience in my first rehab.

[Alex Young]

Plumber, to get the water turned on ( especially if the property has been vacant, foreclosured upon).  Have a dumpster ready for demo.  You can call the city, make sure there are no liens or scheduled work to be done in the area..... had a house last year, seller didn't disclose that the city was requiring new sewer line in the neighborhood. After we closed we got a second notice from the city , ended up being 7k, still made it out positive but 7k would of been a nice extra dinner.     Id say the #1 prep item is getting your process and chronological order right.  Most flips don't stay on schedule because something was done before something else and the days start to add up back tracking or being stuck waiting for a contractor.

Best of luck