Flipping Homes can be quite lucrative. Not to mention exhilarating. But it doesn't come easy. The key to managing and minimizing these challenges is to get each project started off on the right track. You may think you're doing that already. But are you really?

Is This The Right Address? - A property that you haven't taken the time to fully vet will suck your bank account dry and rob you of energy and time. So you want to make sure the project is even worth the time and money. Make sure the house doesn't require more money than you have available or have planned to spend. Make sure the home is in a desirable neighborhood to help ensure chances of a sale at the end of the project. There are many other factors to consider, but you get the idea. Look before you leap.

I Agreed to What? - There is nothing more frustrating than managing a group of people who have no idea what's going on. Nobody knows who's doing what, when, where or how. In order to avoid this, it is a good idea to develop and clear project plan and statement of work before the project even begins. Then hold a meeting with all contractors and subs present. Go over the plan with them. Get their agreement that the timelines are in fact doable. This helps to ensure everyone is working to a realistic plan. And it also helps keep everyone accountable for their items on the plan.

Help, I'm Drowning - Not literally I hope. But it can sometimes feel that way when things get crazy and you don't know which way to turn. Having someone more experienced than you to serve as a mentor can help ease some of these frustrations. They can help you to avoid common mistakes, and they can help guide you to the best decision when problems arise.

I Owe What? - Make sure you are very clear about the terms of any financing you've agreed to. You don't want to get hit with any surprises during the middle of your project. Financial problems will derail a project quickly.

Maybe some of this stuff seems trivial, a waste of time even. But they are worth considering if you want to end up with a successful flip when the project is complete. We're ready to help get those projects off on the right foot, please contact us for help with financing your next Flip.