All aspects of the real estate industry are dependent on networking, and in the renovation and house flipping segments, even more so. The stakes are too high and the margins are too narrow to put your faith blindly in some unknown contractor or agent.
The market for flipping houses is fairly small. It’s essential to have peers that will keep an eye out for opportunities and send them your way. A contractor might have the expertise but not the capital. Another flipper might have found a profitable house but is not able to take on that project. In the long run, it pays to have friends looking out for you.
If you want to create a network to support your house flipping business, here are a few tips on how you can meet potential team members.
Real Estate Conferences
Contractors, investors, lenders and real estate agents gather at events like these to share knowledge, learn trends, and do networking of their own. Conferences like these are invaluable because you will be in the presence of experienced professionals (both the speakers and those attending) and interested investors.
House Flipping Seminars
These events are a good place to monitor interest and market saturation. You can think of these seminars like speed-dating: find locals in your area! Get to know them, what they are looking for, and hey, maybe they would prefer to work with you.
In today’s digital world, it is not an option to have a great online presence, it is a necessity. This is particularly important when it comes to connecting and staying in touch with contractors, realtors and investors. Join real estate groups and search for professionals on LinkedIn and Facebook. Use hashtags and geolocations with Instagram and Twitter to see who is involved in the flipping industry in your target markets.
The point of networking is to cultivate relationships where you can be “that guy or gal.” So that when people come across great opportunities they can think to themselves: ‘Well, I can’t take on this opportunity on my own but I know someone who might be interested in teaming up with me.’ It is worth the effort to be that person even if you hate networking.
Fortunately for you, at MDI West Properties we have spent the past seven years cultivating our status as that go-to company. Our Joint Venture Partners are constantly bringing us potential investment opportunities. As we continue to expand and grow, we are always looking for more active partners to take advantage of the projects we are presented with.
Learn more about our Joint Venture Partnership Model today.