What do a symphony, a soccer team, and house flipping all have in common? They are all made up of a group of people with specific strengths that, when combined, create something beautiful, useful and impressive. Even the best flute player in the world cannot create the dramatic sounds of an entire orchestra, and a single professional soccer player can’t win the World Cup playing solo. Flipping real estate is the same way; it requires a team of knowledgeable and skilled professionals who work together toward a common goal.
Thinking about flipping houses but don’t know how to build your team? Here are the 5 people you need behind you to ensure a successful, quick, and profitable flip:
The Real Estate Agent
Someone who knows the laws and details required to purchase a home is vital to have on your house flipping team. It can be tempting to try to navigate the real estate world on your own with hopes to cut costs, but it could really cost you in the long run. Hiring a real estate agent, especially if this is your first time buying property to flip, can prevent a lot of legal problems down the road, and their knowledge, expertise, experience and advice is crucial to successfully finding an investment home. If you’re new to flipping houses, this website is a great place to start and can help you get all of your ducks in a row for a successful flip: http://www.flippinghouses101.net/invest
The Insurance Agent
Flipping houses is much more than buying a property, gutting it, fixing it up to look great, and then selling it to make a profit. Hiring an insurance agent with experience in the real estate field will ensure you have the proper insurance for the project at hand. They’ll be able to tell you if you need flood insurance, builder’s insurance or homeowners insurance based on your specific situation. A professional insurance agent will be able to explain the difference between the coverage you need for a typical home sale and what you need to be covered for flipping houses.
If you are especially handy and confident in all things DIY, you may not need extra help when it comes to contractors. However, your strengths may be in building and construction and not so much in painting, plumbing or electrical. You could take classes, watch YouTube videos and try to figure out some of these concepts yourself, but it could take a lot of time, something that is usually not a commodity when flipping houses. Hire a painter, a plumber or an electrician to do these specific jobs the right way so you save time, money, and hassle getting them done.
The main goal of flipping houses, for most people, is to rehab the property as quickly and efficiently as possible and then sell it for a profit. But before you can make money, you are going to have to spend some money. Hiring an accountant will help you stay focused on your budget, will help you find programs and services to finance your project, and can help you stay in line when it comes to tax codes so you don’t pay ridiculous fees or penalties when it comes to tax time, and will be charge of the bookkeeping so you can focus on the house flipping.
The Professional Stager
Once you’ve fixed what needs to be fixed and are ready to sell, hiring a professional stager will help put the finishing touches on the home so that it appeals to the most buyers. They can work with the furniture and décor you already have or make suggestions for what pieces would work best in each room. They have a trained eye to focus on the strengths of each room and know how to accessorize and design the space so that it highlights all of the hard work you put into it. They’ll also be able to stage your home in a way that caters to particular buyers, such as those with young kids, retirees or large families.
You wouldn’t go to World Cup as a solo player, and you wouldn’t attempt to put on an entire symphony performance with just your flute, so why would you try to flip a house on your own? Many people find a sense of pride and accomplishment in taking a property and turning it into something new and achieving something on their own that they’ve never done before. But a smart real estate investor knows to utilize the strengths of others in the field to ensure a finished product that everyone can be proud of.