DFW, TX Flipping Newbie!
Hey guys! I'm a current investor here in Fort Worth but I've dying to try my hand at flipping! My husband and I just moved here from Wichita and we're starting all of our connections and networking all over again. My limited experience in remodeling includes a complete gut job on a bathroom (with assistance), helping install a window, moving walls, designing and of course painting. Mostly interior stuff. Although I love getting my hands dirty I'm really focused on learning the ropes of remodeling and flipping as "the general" as the How to Invest book puts it haha I'm about to be a mother of two (due in May!) and needing to be more hands off. I live in Keller, but am interested in the DFW area to flip. Anyone have any tips, advice or contractor recommendations for someone who's never done this alone before? My dad was always my handy man, electrician, carpenter, mentor, bff haha but now we're spreading our winds to new territory!
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#1 Creative Real Estate Financing Contributor
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@Manda Gouvion I would recommend Finishing Touches - http://www.finishingtouchesremodeling.com/ - Good investment property renovation company
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@Manda Gouvion There are tons of contractors out there! Some of them are good and others are not. Some of them are cheap and other are not. I recommend getting at least 3 bids for every job until you build a trusting relationship!
You're on the right path! Believe it or not flipping houses can be really hands off if you know what you're doing and you have people you can trust!
Hello @Manda Gouvion!
A couple of things come to mind:
1. Concentrate first on getting a great agent and then get their help with finding great contractors.
2. I really like the contractor selection method that David M. Green writes in his book "Long‑Distance Real Estate Investing"
3. Read his other book about BRRRR
Best of luck with flipping and of course with becoming a mom of two!
@Andrew Postell checking them out as I type! Thank you! Definitely excited to get into it since everything so far have been my dad's investment properties but they've been great practice and have given me a huge insight to remodeling and real estate in general. I guess the apple doesn't fall far from the tree in my family haha. I honestly didn't realize how much I knew about investing until I started reading all these books and realizing wow! I know this!
@Alex Grosvenor Thanks! That's what I'm reading more and more of! And yeah one guy I talked to said he asked for as many bids as he could research for the job many times over a dozen! That's definitely something I can do, but my worry is getting the job done as quickly as possible. How do you plan for contractors when you don't even have a house to know what you'll need done?
@Ofer Eyal I just started reading Long Distance Real Estate investing just to get ideas and more knowledge! This is the fourth book I've read from the BP library haha do you have any suggestions outside BP? My husband and I are leaning towards waiting until after bb#2 is born to get started so I have some time to research! And thanks!! We're excited! and nervous haha
Great question! You can plan by talking and meeting with them. If they are good contractors they are doing other projects already. Go and check out their projects. See the work they do. Go multiple times. Go to multiple different job sites they are doing.
Ask for references. How do the people feel about their work and who they are as a contractor.
The fastest isn’t always the best. The most money always isn’t the best.
@Richard Helppie-Schmieder is a contractor here in Dallas that I would vouch for and does great work! I’m sure he is more than willing to show you his work and give you references!
@Alex Grosvenor I actually read a little about that how there's a difference between "price" and "cost" thank you for reminding me! Also really appreciate the recommendation! You've been super helpful! I see you're a realtor, do you invest also?