Successful house flippers surround themselves with a network of professionals and mentors to help them succeed. These teammates will be vested in your company’s success and can help your business grow stronger. Let’s examine the most common partners that can help your business, from obtaining the best fix and flip loans to selecting the perfect bathroom vanities.
Real Estate Broker
Real estate brokers help you find potentially profitable properties that match your business strategy. Staying in touch with other brokers can get you access to properties that will be going on sale before they hit the market. You often tour and bid on a project before it hits the market. Don’t forget to look outside of your business scope. Many of the skills to remodel a single-family home are similar to those for multifamily properties. Different brokers specialize in those areas and can help you find valuable properties.
Lenders are the core of your flipping business. Building a relationship with your lender helps you get the best rates for your fix and flip loans. These lenders understand the value you bring to a project. They are confident in your ability to calculate your financial needs. They know your history of completing and selling projects on time.
Many fix-and-flip investors rent rather than resell their remodeled buildings. They may also have a portfolio of multifamily units or apartment buildings. If you are considering purchasing a rental facility, a property manager can help you determine the potential rental income of a property.
Real Estate Attorney
An excellent real estate attorney is worth their contract rate. Their primary job is to protect you in contract negotiations. They review purchase contracts, loan terms, and zoning regulations to help you make the best decision. They also have a network of professional contacts that can assist if needed.
Title agencies ensure you have a clear title and record the necessary sales transaction documents. The agency will obtain information about your fix and flip loans. They also manage the escrow transactions and act as the closing agent.
Fix and Flip Investors
Other fix-and-flip investors share business knowledge and contacts. They can also make a great business partner if you want to transition to a new property type. You may find yourself with too much work and ask them to partner with you on a project.
Building a support network can help you become a more confident, successful investor.