Flipping Houses | Building Your Team

In today's video, we're going to talk about building a team when flipping your next house. Coming right up. Flipping is a team sport, and you need to get used to dealing with very effective and efficient people to get you to the finish line. I'm going to go over adding some key team members to your list To minimize risk and maximize profit. Welcome back. I'm Joe, and I've flipped over 200 homes in a very competitive market. I have over 40 years of experience being a broker, investor, and mentor. Make sure you subscribe to get the most value out of this channel, which I dedicate to the new and experienced investors, those who want to create the life they've always wanted through real estate. The first team member you need to look for is a competent real estate agent. And I'm talking competent, somebody that you will ask these questions: Do you own your own house? Have you ever invested in properties before? These are the type of people that have already gone through the process, that are experienced, and they can give you their experience. Not somebody who just graduated last week from real estate school. If you're having difficult If you need help finding somebody, please give me a call. Myself or one of my team members are happy to help you out. The next person on your team is a general contractor. Now, the general contractor comes in different sizes. There are expensive ones, there are middle of the road, and there are inexpensive general contractors. You need to vet them correctly to make sure, just like the real estate agent, that they've done projects before, that they've done exactly what you're trying to do. And find that one in the middle of the road, not the expensive one and not the inexpensive one. You'll have greater success if you deal with somebody in the middle of the road. If you want a full breakdown on the different types of contractors, I am going to leave a link to a video that I did before. The next team member is a lender. And a very important team member. If you don't have the money to do the project, you're going to need a good lender to guide you through the process of either doing a home equity line of credit, hard money, using part of your money, using family money. All this is good information to give to a lender so that he can give you his professional opinion. Next team member that I value is a Good insurance agents. Okay, so flipping a house is just not a normal insurance product. There are different companies out there that insure flippers because remember, we've left the house vacant, we're in the process of rehabbing, there's nobody really there to watch the project 24/7. So insurance companies have to take all that into account and price the product for those reasons. When you first get started flipping homes, you may not choose the right team member the first time, but that's okay. The more experience you get, the easier you'll be able to detect which members are good and which members you need to replace. If you guys want to see the end results of one of my flips, click on this video right here. I do a full walkthrough and show how to add the most value for your home so that you get the best price. See you on the next one.