Questions to Ask a Flipper

10 Replies

Hello everyone,

I am meeting a local flipper and have a list of questions to ask. 

Just in case I am missing anything, what would you ask a flipper if you want to get started?

Thanks,

Emiel

1. Where/ How do you find your deals?

2.  What steps do you take to evaluate a deal?

3.  What do you wish you knew when you were starting out?

4.How can I help you?

Who do you recommend to do the work & who DON'T you recommend!!!

We just visited a flip that got into trouble & delayed because the contractors did not get the permits but must have said they did. So the 'plumber' quickly tore out all the pex (& some cast iron??? feeds he put in for the shower/spigot) b4 the Bldg Insp showed up. When he replaced it there were 9 leaks & is now MIA. Drywall then had to be removed for new feeds. 

Kitchen cabinet measurement/layout was WRONG. Guys say it was caused by kitchen design 'specialist' .  So too small sink base is off center by at least 20inches & corner cabinets could not be aligned. They left the sink off center but resolved the corner cabinets. All seemingly minor issues but has delayed the project at least 2 months. Electrical guy has also been MIA. Left holes in the ceiling for recessed cans but no way of getting a circuit to them without tearing out perfectly good now repaired painted/drywall??? The 'clearance' above the ceiling is full of 1960's era powdered insulation so good luck pulling wire.

They are using my tile guy & he is tearing out what's left of his hair trying to get work done & he's been there 3 weeks. He & I completed a kitchen install, plumbing & all tiling in 3 days. 

The draws on their 'loan' are subject to work done so it's getting tight as the financial guys are insisting on 'substantial work completed' b4 a draw is authorized. 

But I was impressed with their siding/roofing guys & they are really tough to find.

Good luck as it will test your patience & finances.

Can you provide your business license, tax id number, insurance certificate and driver’s license?

Do you have a dedicated flipping crew?

Do you have established vendor accounts?

Can you provide photos and references?

Thanks for the reply everyone! I am definitely trying to learn all that  I can, the guy is knowledgeable and has a lot of insight.

@Aaron K. - I know its not a get rich quick thing, Im in it for the long haul and I want to build a good foundation so I can grow.

@Wendy Vaidic - How can I help, whatever it might be is at the top of my list. Ill work for free and do what I can just for the opportunity to learn.

@Pat L. - that does not sound like fun. Finding good contractors are a huge part to the business. I wish you luck on completing this flip that sounds like a nightmare!  

@Emiel Barbosa That would vary from person to person- let him tell you what he needs.  

One of the best things you can do is bring him a deal that you can partner on and learn along the way.  I know that can be easier said than done. 

Do you have any skills, such as videography, photography, construction skills etc.. that you could offer to help with? If you do, go ahead and mention that since he may not have even thought of using such services.

If he mentions a pain point in his business: something he doesn't enjoy doing, an area that he feels is holding him back etc..see if you can help in that area.  Fixing a problem is an excellent way to help.

Good luck!