First Flip- Find a Partner/Hire Coach or Solo?

Question

Don Harris · Answer

Depends on your knowledge level, personally I would NOT hire a coach but maybe a GC who should let you project manage. You will learn and both will earn.

Will Barnard · Answer

Most people starting out on their first potential flip don’t have the cash. In your case, you are a large step ahead. Use that to your advantage. Hiring a coach - Coukd be a good idea or a bad one, that all depends on the experience of the coach and what exactly they will teach you for your money.

Partnering - Having the cash is helpful so if you can find a deal and bring it to a successful rehabbers in your area, you can likely get a deal done safely, make sone money, and most importantly, see first hand how it is done the right way. Again, this is all dependent on you finding an experienced and successful rehabbers in your area.

Going alone - My first flip as well as my first buy and hold deal was done on my own, that said, I had an extreme drive, was self motivated, and had the experience of self emplupyment under my belt for nearly a decade before I tried it. To each his own on the one.

Michael Kiley · Answer

I did not partner on my first deal as I knew how to make the repairs necessary to flip it. I imagine that if I didn't have construction skills, I would either take a night class on general construction trades or find someone who was willing to rehab the house in exchange for you putting up the money. Profits are split 50/50. This seems to be a standard model that I've heard others do successfully. Best of Luck!