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ASSEMBLING ASSETS AND FINDING THE RIGHT PEOPLE TO HELP YOU
by Matt Rodak, Fund That Flip
he first thing that you will need to do if you are interested in
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flipping houses is to assemble a team in order to ensure that you have all the necessary people in place to assist you. These people will depend on your own individual skills and experience. It will also depend on whether you would prefer to spend money to get things done or do them yourself. Jobs like handy work and landscaping can surely be outsourced, but are also great opportunities to save money. The main people you will almost definite - ly need include: REAL ESTATEAGENT Finding an excellent realtor will be critical for deal flow. Ideally, you want to find a professional who has experience with investment proper- ties and house flips. A realtor, who specializes in short sales, or an REO (real estate owned) agent, who spe - cialize in selling bank foreclosures, can give you extra leverage. CONTRACTORS You may want to hire a general contractor for big rehab projects if you don’t have a building back- ground. Make sure to find someone with a good track record. If your deal volume is high, you will need
multiple contractors, so be sure to know at least a few people you can trust. fundthatflip. om/thinkrealty deals@fundthatflip.com 646-895 -6090
with experience whom you can ask for advice. Finding a mentor will en- sure you have the wisdom you need as questions develop.
ATTORNEY While it may seem undesirable to set aside money to pay for an at- torney, think of it as a smart invest- ment. You want to find someone who specializes in real estate law. This professional will work with your CPA to protect you and ensure you are operating with the optimal business structure. CPA Picking an accountant who is an expert in U.S. tax laws for house flipping and real estate investing is vital. This individual will help you keep taxes as low as possible. In the long run, a good CPA should be able save you more money than he or she costs you.
LENDERS Finding a reliable lender will en- sure you can execute your deals. In the residential fix-and-flip mar- ket, there are five main sources of leverage: hard money lenders, private money lenders, equity partnerships, portfolio lenders/ local banks, and crowd financing. At Fund That Flip, we use crowd financing to provide short-term loans to experienced residential real estate developers. As you become more and more experienced in house flipping, your team will likely evolve to fit your everchanging needs and expertise. Nevertheless, these team members will be important assets to have close as you begin in the house flip - ping game. •
MENTOR It’s always nice to have someone
Learn more about Fund That Flip at fundthatflip.com.
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