DIY is a way to keep your costs down on your flip. If you have the skills, and can do good work this might be an avenue to consider. Bear in mind, the time you spend doing the work yourself is time you aren’t spending on finding a buyer, or finding your next investment property. You have to remember that your work will probably be placed under close scrutiny by a home inspector. If the work isn’t good, it will end up costing you money. Any sub-standard work or issues found will result in the buyer asking for concessions on the sale price, or demanding the work be repaired or redone.
If you are hiring a contractor, be sure to hire someone who is bonded and licensed. Check out the contractor online for reviews. Ask the contractor for references of people that he has done work for. You may find contractors at home improvement stores such as Home Depot or Lowes, buying larger quantities of paint, carpet, flooring. Ask for a business card.
When you are hiring a contractor, make sure that he/she knows you are a real estate investor and that repeat business would be possible. This can allow you to negotiate better terms including net 30 or 60 days as well as discount on prices.
I recommend focusing on real estate, and letting the contractors do the work. You want to position yourself in a way where you are writing checks, and cashing checks, making a profit every time. This way you can spend more time with your family — which is what we are all about here at Flip University.
Visit us at Flip University to learn more about how you can start making money in real estate today!
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