Rental Property Investor · AL · Member since 2018 · 15 posts · 2 votes
I have been calling 100 property owners a day for a while now and have so many great off market opportunities coming my way. and I want to get some systems in place that will allow me to flip multiple homes at a time, I have access to private capital, my marketing is dialed in, I just need help with the systems. Any advice is very appreciated.
If you’re looking for a system to keep you organized...I would suggest https://rehabvaluator.com/
All your deals, budget templates, vendors, expenses are all in one place. You can calculate fix and flips or buy and holds. This is what I personally use. Check it out.
Next- make sure you have a solid team in place. If you don’t have an extensive buyers list, find an agent that has one. You want to be able to sell the properties quickly.
You need a solid team of contractors and subs. I would say spend the time vetting your contracts thoroughly . Call references, request pictures of previous work. Hiring bad contractors is the quickest way to end up low on funds and stressed out.
The key is to build a solid process and duplicate. Don’t over complicate things.
@Cade Collins, I agree with Canesha that you need the team. Your systems grow slightly organically from building your team. You will want to essentially have one set of finishes you use on all properties, with the changes being driven by layout.
But the systems you use on your first 2-3 properties will not work for when you are in property 15-20, but the systems you have in place at 15-20 are not possible at 2-3, i.e. being able to hire full time employees for specific trades.
Ultimately you are a construction foreman, so a giant whiteboard calendar outlining trades, projects and timelines will help you keep each one in order.
I have been calling 100 property owners a day for a while now and have so many great off market opportunities coming my way. and I want to get some systems in place that will allow me to flip multiple homes at a time, I have access to private capital, my marketing is dialed in, I just need help with the systems. Any advice is very appreciated.
The best way to scale and handle multiple rehab flips is to hire turn key contractors and let them do what they do best while you focus on finding more deals, raising more money and getting properties sold. You do not want to try and manage projects yourself and supply materials especially if you have little to no experience. The key is to get detailed scope of work and contracts and have a set schedule of finishes ready for the contractor. They will take it from there.
How many flips have you done to date? If you haven’t done many/any I would highly recommend against jumping into trying to oversee a few at a time. You will be hiring contractors and often things won’t go smooth. I can’t imagine being new to this and having that many opportunities for projects to go off the rails without the knowledge to get them back on track.