Your Fix and Flip A-Team
Maybe you’re a renovation extraordinaire, you have the resources and skills to do everything by yourself. You dictate your own routine and take control! But here is the deal, even Batman still had his trusty sidekick. The point of this metaphor is no matter how solitary you think your work is, a successful home renovation is only possible with a team, and you can ensure your success by making sure your team is in place and ready to support you throughout the home renovation.
The Home Inspector
The home inspector your first point of contact when starting to gather your scope of work. He is likely the most important part of your team because he’s the person who’s going to tell you what you have to do to get the home in tip top shape. A home inspector who’s not thorough or inexperienced can leave you with surprises down the line when you’re doing the actual renovation – more surprises means more time lost, more money spent and more of your profits drained away as you make a house sellable.
The General Contractor
The next important team member is your general contractor. Now maybe you are the general contractor or maybe you hired someone but the general contractor is the next important piece of the puzzle A good contractor is going to work with you and tell you how much everything is going to cost. The contractor is also the person who is going to be handling surprises that come up. Always hire a licensed General Contractor to ensure any work requiring permitting can be done by someone who is experienced and understands city building regulations.
The next set of people in your team are your sub-contractors, the general contractor might hire them or you may have hired them independently. Either way, they are there to complete work based on their specific skill set. Let’s go back to Batman for a second. Is the Bat Cave dripping water? Better get a foundation expert in there. Maybe there is asbestos – you need to have someone qualified to do remediation and then provide you with a completion of work.
Do you have a realtor ready to put your house on the market and get it sold as quickly as possible? An expert in your local market will give you crucial insight into how the market you bought into behaves – whether the house is priced appropriately – and what steps you need to take to ensure the property is sold quickly. Hiring a professional agent gives you the peace of mind that an expert is negotiating the contracts that come in from potential buyers, ensuring escrow moves smoothly and proper communication is happening between all parties. A smooth close to your project is the best way to end all your hard work!
In the end, having a team of people on-call saves you time and even money. An attractive investment gets a lot of attention. Closing on the deal quickly will be what separates you from competing buyers. So maybe you are Batman, maybe you are a multiple specialty general contractor/Realtor renovation ninja. But no matter how skilled you are, life is much easier for Batman when he has Robin and/or Jarvis to help you out.
Here at MDI West Properties, we also have a team of experts with experience in every aspect of the flipping process, from buying to selling. We know the time between finding a house and its purchase is crucial. Which is why we do not finance our projects, and have the most straight- forward approval process in the real estate investment industry.