Investor · West Monroe, LA · Member since 2015 · 196 posts · 70 votes
In the past few years, flipping houses has been a major source of income for me, but deals have been so hard to find this year, that I've only flipped one house all year. Would this be a good time to shift my focus to starting a new business (like a home services business) to generate income, or should I just double down my efforts on finding flips? What are other flippers doing during this time?
Real Estate Broker · Austin, TX · Member since 2016 · 834 posts · 449 votes
5y
GC FOR SURE. I opened a construction company to keep my flip contractors busy in between jobs and now the construction company makes 3 times what the flip business does due to lack of deals.
Real Estate Broker · Austin, TX · Member since 2016 · 834 posts · 449 votes
5y
GC FOR SURE. I opened a construction company to keep my flip contractors busy in between jobs and now the construction company makes 3 times what the flip business does due to lack of deals.
In the past few years, flipping houses has been a major source of income for me, but deals have been so hard to find this year, that I've only flipped one house all year. Would this be a good time to shift my focus to starting a new business (like a home services business) to generate income, or should I just double down my efforts on finding flips? What are other flippers doing during this time?
I started in the business as a handyman and remodeling contractor 24 years ago. It’s a great time to be a contractor as they are all as busy as it gets. You need to make sure you know what your doing and what the licensing and insurance requirements are in your area. The key is knowing how to estimates costs correctly and understanding your overhead costs and break even.
Cincinnati, OH · Member since 2020 · 4k+ posts · 3k+ votes
5y
@Austin Works, I am echoing the GC sentiment of others. My wife is asked almost daily if we do design builds (we don't). Additionally, my flipper friends left their full time job to pursue flips and have kept a reasonable pipeline, but also started doing client work. The only question they get are "when can you start" from clients. It seems like the diligence most home owners perform is: Who answers their phone Do they respond with an estimate at all Can they start soon
So essentially, if you are responsive and professional, you can basically charge anything you want, it seems.
Investor · Nashville, TN · Member since 2019 · 92 posts · 96 votes
5y
Hey Austin,
Theres nothing wrong with having multiple eggs in different baskets. Yes deal flow is tight right now but I do believe that there is always a way to find deals regardless of the market. Maybe fewer and farther between but they are out there. GC work is HOT right now. If you are able to offer investors solid rates and good work, then take advantage of that!
Investor · Nashville, TN · Member since 2019 · 92 posts · 96 votes
5y
@Austin Works find people who flip homes in the area. Drive around neighborhoods, if you see a house with a dumpster outside of it, go knock on the door. Talk to real estate agents, and wholesalers see if they can refer business to you. Go on the MLS, find houses that are or were on the market that look like flips, contact the agent / previous owner. Network on BP, Connected Investors, FB.
Refferals will be your biggest, best, and free form of advertisement, so make sure you treat your clients well. Until that time, start calling different investment firms and tell them about your service.
Flipper/Rehabber · Matthews, NC · Member since 2019 · 198 posts · 239 votes
5y
We have run a GC firm for years...now only do our own flips, so not for hire anymore (yay! Love not having clients any longer). But if you know what you are doing the market is hot for companies that know how to renovate and do it well. Lots of liability, training, insurance and work goes into it. More than people realize, so always keep that in mind. You might be better served to pick 3-5 things you know you do really well and hire yourself out as someone who does just those items. Marketing it is easy...all you need is to get a few projects under your belt, get a written recommendation from them and post it. Network...pass the news. If you can keep the items to those 3-5 things that don't require permits and the corresponding insurance you can also limit your cost outlays as well as your liability. You can then grow into a GC role if you wish but you will have put some time and experience into learning the craft.
Marketing it is easy...all you need is to get a few projects under your belt, get a written recommendation from them and post it. Network...pass the news.
In the past few years, flipping houses has been a major source of income for me, but deals have been so hard to find this year, that I've only flipped one house all year. Would this be a good time to shift my focus to starting a new business (like a home services business) to generate income, or should I just double down my efforts on finding flips? What are other flippers doing during this time?
By the way Austin, I think you can find some cash flowing rentals in southern arkansas like pine bluff area.
Rental Property Investor · Higginson, AR · Member since 2015 · 123 posts · 101 votes
5y
We had an investor call us about a couple of lower end rentals in serious need of rehabs. We talked , they made an agreeable offer. we accepted and should close after the first of the year , There's always the one home you could live without. Class C_D properties, that will cash flow well. We will have a few after the first of the year in Central AR Available.