The best way to fix and flip isn’t by doing it yourself, as Tom Olson tells us. It’s all about hiring the right people to handle it for you.
After finding the right person to help with rehabbing, they’ll be able to partner with you and can help find you properties. When they have connections, knowledge in real estate investing, and experience in rehabs, it’s even better.
Announcer: Welcome back to the FlipNerd.com REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Tom: This is Tom Olson of Good Success and today I’ve been asked to host the REI Classroom. Today we’re going to talk about the best way to fix-and-flip.
Announcer: This REI Classroom real estate lesson is sponsored by UglyOpportunities.com.
Tom: Now, I believe the best way to fix-and-flip is actually something that you’ve maybe never heard before, I’m not sure, but to me the best way to fix-and-flip is to actually not do it yourself. The best way I can think of to fix-and-flip is to leverage somebody out, so leverage other people to leverage other people’s systems, their skill, their connections, their knowledge.
Really, the only thing you have to do in order to be, what in my opinion, the best position to be fixing and flipping is to find a catalyst. That’s the one thing you’ve got to do. Find somebody that already has the systems in place. Find somebody that already has people in place, and they have a skill, they have experience, they have knowledge, they have connections to be able to find houses, number one. That’s the first thing you have to be able to do is find somebody that can find houses. Find somebody that has connections to contractors, or maybe they are contractors themselves.
For me, in my experience I’ve found contractors to be very good bird dogs for me to find good properties because they want work. And though they’re willing to go and find properties for me and they’ll fix up the properties and then I can sell them with realtors, but the key, I think, is to find somebody that can help you do it all. You don’t want to do this yourself, especially if you’re new at investing and you’re new at doing fix-and-flips. Again, like I said, the best way is to leverage. So leverage people, leverage other people’s systems, leverage what they have as far as they’re contractors that they’ve already vetted, they’ve done lots of work already for them, and also connections to sell.
A lot of times you may not have good properties in your market that you can do this with, but you might be able to leverage somebody else in a different market. For instance, right now I know the Midwest has a lot of properties that are available, but other areas like California, it’s really hard to find properties right now.
Again, like I said, this is definitely more for somebody who wants to fix-and-flip but doesn’t know how to get into the game. What I would suggest is don’t recreate the wheel. Go find somebody that’s a catalyst for you that you can really partner with or that you can do deals together, or a bird dog contractor, like I said, that will be able to help you along the way.
Thank you so much for being with us for today’s version of the REI Classroom. Have a great day.
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