Flip Tip Summary
Many real estate investors focus on individual transactions, and often worry about one time costs. However, veterans know that it may make sense to pay a little more, or take a little more time, as it’s the long term relationships that will pay you back. Perhaps that contractor is not the cheapest, but if they can become your trustworthy go-to person for many years to come, it’ll save you time, money and headaches. Jilliene Helman of RealtyMogul.com joins us today to talk about the importance of building long term relationships. Don’t miss this FlipNerd.com Expert Tip!
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com. We have a quick Expert Tip to share with you from Jilliene Helman, who’s going to share a tip on the importance of building long-term relationships as part of your team.
This Expert Tip is sponsored by RealtyMogul.com, B2R Finance and National Real Estate Insurance Group.
Jilliene: Yeah, one of the things that we’ve learned at RealtyMogul.com is the importance of long-term relationships and obviously this is slightly different if you’re a borrower than if you’re running a different kind of business. But I think that a lot of times people will try and optimize for a single transaction and they’re looking for the cheapest price in a single transaction or they’re looking for optimizing that one deal. When if you think longer term and you build long-term relationships, when things get tough and things get hard, I tend to find that those relationships really stick by you.
So in the context of being a borrower and doing a fix and flip or a renovation, think about contractor for example. Maybe you don’t want the cheapest contractor who is going to do that one transaction with you. Maybe you want someone who is a longer term relationship even if you pay them a little bit more, right? If you think about them as a long-term relationship, you’re going to build that bond, you’re going to build that trust, and you may eventually not have to be as hands-on. So I’ve been thinking a lot as the CEO of this company about how do I build long-term relationships for success and not just optimize for that one transaction that one time.
Mike: That is great advice. I can say personally for me, I know I pay my contractor a little bit more than I would have to otherwise, but he takes great care of me and that is worth a lot.
Jilliene: Yep, that’s the way the world goes around.
Mike: Awesome, thanks Julian, I appreciate it.
Jilliene: You got it.
Mike: We’d like to thank Crestar Funding, MidAtlantic IRA and Renters Warehouse.
Please note, the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.