The Team You’ll Need When Flipping Properties

Flipping properties can be a very lucrative career if you know what you’re doing. If you’re planning on doing it for a living, you need to make every cent count, so that you can make the maximum amount of money of every property sale.

 

Consult with a tax accountant and a real estate attorney regarding the risks of real estate investing.

 

Successful property flippers have a network of contractors and professionals that they rely on to help them get the job done. If you’re new to the world of property development, these are some of the people you’re going to need on your side.

Realtor

Developing a relationship with a good realtor in your city or state is a great way to find out about properties before they hit the open market. Your realtor will know exactly the type of properties you are seeking, and will have in-depth knowledge of the local property market and area.

Architect

Sometimes, you’ll buy a property, update the interiors and then simply sell it on for a profit. Other properties require substantial reconfiguration in order to bring them up to a high standard.  This is where an architect comes in. They can bring your vision to life on the page, creating options to expand and improve the property, in order to get the maximum value.

Plumber

Small plumbing tasks, such as changing a faucet or replacing a radiator can usually be done by someone with a bit of DIY knowledge. Picking up skills like this can save you a lot of money. But older, run-down properties will often need a full bathroom, kitchen and heating replacement. You’re going to need a plumbing company to complete these major jobs.

Electrician

Similarly to a plumber, an electrician is necessary for rewiring jobs on older properties. Make sure they are fully licensed and insured as there are many legal regulations surrounding the industry.

 

Builders

Structural work will need to be carried out by a licensed building contractor. Developing a relationship with a good builder will help you to get the best value as you work together on more projects.

General Contractor

For all those tasks that don’t require a high level of specialization, such as plumbing, but still require a lot of skill. General contractors will be able to pick up tasks such as fitting kitchens and doors, laying floors, plastering and any other general tasks that you need to be done. They have connections with a lot of people throughout the construction industry. So whether you are renovating a property or building it from the ground up, they know how to get the right people onboard. From an architect to go over structural designs, to using New Concrete Block Making Systems to help with things like landscaping or wall building, they know where to go.

Decorator

To put the finishing touches to your redeveloped property. Property developers will often take on a lot of the decorating tasks themselves in order to save money, but it is always good to have a reliable decorator on hand when you need them.

Do Your Homework

Flipping properties is really a team effort. Having talented professionals on hand that you trust is vital as you build your business. The more you work together, the more they will begin to understand the way you like to do things. A promise of consistent work will often result in reduced fees and preferential treatment too.

 

 

 

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Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/