Home > Tag Archives: Hiring a Contractor

Tag Archives: Hiring a Contractor

Flipping a House: Beware of Partners

      As you might recall, we are currently in the process of flipping a house. We partnered up with a property management/ remodeling company for this project. Basically, they brought us the deal. We are putting up the money, and they are responsible for taking care of repairs and remodeling the property. You can read more about the financial details in the previous two posts. We Flipped a House!- Part 1, Buying the House We Flipped a House!-Part 2, Renovating a Distressed Property My last update had us almost finished and ready to put the property up for sale. However, not very long after that post was published, the wheels fell off, and we have not seen much progress toward finishing the house. If you do want to purchase real estate as an investment, I would be very careful before deciding to take on a partner. What Happened? Honestly, I’m not sure. When we noticed that no progress was being made, I repeatedly tried to find out why. I got a whole slew of excuses; everything from “my Mom has been ill” to “we had an emergency with another rental property”.  We are pretty reasonable people, but this was ...

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9 Mistakes I’ve Made Flipping Houses

  The following is a guest post from Brandon Turner at Biggerpockets.com. If you would like to submit a guest post, please contact me. I want to make a confession. I’ve made some pretty big mistakes in my life. But who hasn’t? However, it’s learning from those mistakes and helping others avoid them that makes those mistakes worth making. So consider this post my atonement! You see, I’ve flipped about a dozen homes over the past few years – some with success and some with … well… a lot of “education”. It’s not that I lost any money, but some of the small profits I made early on were not worth the headache or the time spent. I know this is the case with many house flippers, so in an effort to help those looking to get into this (potentially lucrative, but often risky) field, I’ve compiled a list of my top ten mistakes I’ve made when flipping houses. 1.) Doing all the Work Myself The first several flips were remodeled nearly 100% by myself and my wife, during the weekends and evenings. We painted, we cleaned, we carpeted, we installed, we wept. It was a long flip, and while ...

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