All Forum Posts by: Gren Thomas

Hey Gren,

For me the key factors were:

- Try to get references from past people they worked with. 

- Break down the progress of the work into a timeline, so you can track how they will do it and you'll know the materials they'll need to have available at each step. 

- Ensure they understood how you specifically want certain things done. Triple check with them. 

- Ask for price breakdown if you have multiple projects in the same house. You might find some contractors might have different levels in pricing and also different levels of experience doing certain jobs, compare, you might have one contractor that its great installing flooring and other is great painting cabinets.

I think those four points are the most important advise I can give.

I would start with a stern warning that we are in a peak market with unrealistic prices that can't possibly last, inflation knocking at our door, and it's an election cycle where certain groups like to create chaos. You could be four months into a flip when the market suddenly turns sideways and you can't unload the property for a profit. It's not the greatest market to try your hand at something new.

I would start with my end goal in mind and work backwards. The truth is, flipping might give you a jump start, but you don't want to flip every house forever. I'd come up with specific criteria for what deals you keep for yourself as rentals. Maybe it's every 3rd deal or anything with over 70% equity ARV, but you want to put your skills and efforts to work for you so that you create passive income and work yourself out of active income.

Also- I know you've heard this, but the lowest bid is never the best one. Find honest contractors and pay them more than you agree, especially when they get their job done on time. 

Good luck!