As you get started flipping houses, you’re going to feel overwhelmed sometimes. You’re going to feel like you have to be in ten different places at once, finding leads, following up on them, making offers, doing walk-throughs, getting financing, bidding on auction properties, hiring contractors, overseeing work sites…and the list goes on. And, as you take care of everything necessary to flip a house, you might start thinking, “How does anybody do more than one of these jobs at a time?”
Well, with the right people in your corner, a little bit of experience, and some important organizational skills, it’s actually possible to flip 10 houses or more at once without losing your mind. Hey, if I can do it, so can you, right? Here’s how…
Get Your Finances Straight
First of all, if you’re going to flip multiple properties at once, you’re going to need to have the capital to do it. This is one of the reasons that Greg’s talents and skills with finances are so invaluable. While I’m finding and chasing leads on properties, he’s finding new ways to finance them that will be profitable for us and our investors.
If you don’t already have someone on your team who’s a financial expert, I highly recommend finding someone to help you with this. It’s worked for Property Bank, and there’s no reason it can’t work for you.
Of course, you don’t have to do this exactly the same way we did. You can hire a financial advisor, partner with someone who has a background in finance and investment, or you can take on the financial side of the business yourself and partner with someone who has more experience acquiring and flipping houses than you do. Play to your strengths. If you’re good at finding capital for your investments, focus your energy there. If you want to focus on the actual flipping process, then build your business so that you have the freedom to do that.
Build Your Team
On the subject of building your business, if you have more active flip properties, you’re going to need to learn to delegate. Of course, you can’t delegate if you don’t have a team of skilled and trustworthy people to work with. Everyone’s business varies, but, in my experience, your team should consist of:
- General Contractor(s) – A general contractor will take care of everything that you need to do to rehab and flip a house. Instead of handling and coordinating individuals and teams of workers for every task, you can hire a GC to take care of the whole project for you.
- Real Estate Agent – If you’re a realtor, you can take this role on yourself, but until you get your license and some experience, I definitely recommend getting an agent on your side to help you find leads and then market and sell them quickly.
- Project Manager – As you grow your business and take on more projects at once, having someone who can oversee and coordinate all of them for you is incredibly valuable.
- Personal Assistant – A good PA can keep you sane and organized, even when you have tons of tasks to accomplish and all of your projects in different phases.
It might seem like you’re a long way away from needing all of these people or taking on all of these projects, but you might be surprised how quickly you can get started flipping houses and go from working on a single project at a time to expanding your business and working on multiple flips simultaneously. If you build your business’ infrastructure and team right, you won’t just be able to flip a house here and there – you’ll be able to constantly flip multiple houses, all without feeling overwhelmed or stressed.