4 Essential Professionals That You Need for A Great House-Flipping Team
If you’re a fix-and-flip investor, you know you’re only as good as your team. Sure, your experience, market insight, and sound decision-making might kick off the next investment project, but without a reliable team of industry professionals to keep the process streamlined and keep you informed, any fix-and-flip can quickly flop. There is no ‘I’ in real estate investing, and these are four of the critical professionals to ensure a project is seen from beginning to end.
Contractors
Yes, you can do a lot of the renovations for fix-and-flip properties yourself, however, unless you have the bandwidth, passion, and knowledge to handle more complicated jobs yourself, hiring a general contractor might be worth the effort. Hiring a professional who is both competent and experienced can prevent you from unintentionally slowing down the flipping process, or worst, causing a domino effect of additional repairs. Sometimes it pays to have an expert help you see the forest for the trees and get a property rehabbed safely on time.
Real estate agents
Networking with local industry experts is a critical component to finding the right property at the right price and knowing agents who specialize in particular facets of real estate can help you diversify your portfolio over time, as well as provide you with firsthand intel. For example, REO agents, or real estate-owned agents, focus primarily on short sales, that is, they work with banks to sell a property for the seller before it goes to foreclosure.
Meeting with many different agents, asking questions, and learning about their experiences can help you better understand their worth ethic, successes (and failures), and how they can assist you with reaching your long-term investment goals.
Home inspector
Creating an ongoing partnership with a home inspector can be an invaluable asset. Rather than constantly searching for a new candidate who may or may not do the job thoroughly, developing a relationship with one consistent person can alleviate the possibility of running into unqualified inspectors who might take shortcuts or overcharge. Knowing your latest property has been thoroughly inspected and vetted will make it that much easier for it to sell once it’s back on the market.
Private money lender
Naturally, finding a reputable hard money lender—or private money lender—is the most important first step to take. Having real estate investment goals is great but little can be done until you have the resources and monetary support to do so. Partnering with a lender who supports and finances your long-term real estate goals can be the difference between a lengthy, diversified portfolio, and an expensive fix-and-flop property just out of reach.
Whether you’re an experienced investor or a new one, contact us today to learn about how Temple View Capital Funding, LP (“Temple View”) can be your fix-and-flip lender.