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Saturday, 24 August 2019
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This Old House - Do-it-Yourself

The 4 People You Need to Flip a House

Written by Posted On Saturday, 20 July 2019 05:00

Flipping houses may be a very profitable business, but by doing it all by yourself, you risk not reaching the result you needed. Once you get a fix and flip loan, use some of the money to hire a proper team, and you’ll have a better chance of success.

There are four people you have to consider adding to your team. With these people by your side, you will achieve maximum quality and avoid expensive mistakes. In the end, all the money invested in adding value to the property will make buyers accept a higher price and will increase your profit.

Here are the four types of professionals you should hire when flipping houses:

Best 4 People to Have in Your House Flipping Team

1. Get a real estate attorney

Why do you need an attorney if you’re not suing anyone? Well, unless you are a real estate attorney yourself, you won't be able to cut corners and figure out all probable legal implications that you may find along the way. It's a tricky niche, and you should protect yourself, even if it includes extra costs to pay a lawyer.

Don't try to find a bargain – really search for the most qualified professional attorney who has impressive knowledge on the real estate law. If you do wonder about the legal risks or implications of house flipping, you can search for specific information on the web.

2. A certified public accountant

If you know what you’re doing, you can actually save a lot of money by reducing unnecessary expenses and optimizing your tax deductions. But it’s more complicated than that — and a qualified accountant can help you optimize your budget. Hiring an accountant is highly recommended.

Once again, you should aim for someone who has experience in real estate, or you will risk having an unqualified partner in your business. Find a CPA who matches your goals, and that is familiar with relevant state and national tax laws.

More than someone to organize your documents and bills, your new team member should be a real advisor. They should help find ways to benefit from the tax law and know what to avoid in order to increase profit margins — those are the purposes of an accountant for your fix and flip.

3. Qualified contractors

You were probably wondering where are the people that are involved in the actual flip per se. Well, those are the contractors, people with expertise in a specific niche to help in the rehab process. You save time and money by hiring the right contractors to give you a hand and apply their expertise to your projects.

Yes, you could do all by yourself if you have at least some skill and there are only a few repairs. However, once the business expands or you have multiple houses in the works with a lot to be done, don't risk not having contractors to help you out.

You might need extra tips to find the right contractors, but those reasons above should be enough to convince you.

4. Real estate agents

Unless you are a realtor yourself diving into the world of flipping houses to sell, you could use the help of an agent. However, make sure it's someone who has experience in house flipping and not merely an agent.

With their help, you can figure out the best locations for your project. Besides, they can help to discover who is the type of people willing to purchase a flipped house in that zone.

Conclusion

Flipping houses alone may not be a good idea, especially for big houses. With qualified and specialized people by your side, the chances of profiting and succeeding in the business are far higher.

Now you know what people you should look for when building your house flipping team. There is no magic formula that ensures profit, but you can select those professionals who can really help you.

Listing Additional Info

  • State: Alabama
  • Address: House#416/1
  • City: Texas
  • Zipcode: 72203
  • SOLD: no
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