What Do You Need to be a Fix-and-Flipper?
May 03, 2018 / Fix and Flip
To those without any experience remodeling homes or working in real estate, it may seem impossible to become a fix and flip expert. But the good news is that this is one area where experience is helpful but not necessarily required. Even if you’ve never taken on remodel projects or worked as a contractor, you can learn those skills. You can also learn about the real estate industry, so it’s okay if you don’t understand how buying and selling properties work yet. You will.
What About Money?
You don’t have to be rich to get into this industry, either. As we’ve discussed in an earlier blog, there are two ways of approaching fix-and-flipping. If you take the Wholesaler approach, then you will need some seed money. If you go into fix-and-flipping as a Bird Dog, though, you’ll work with a contractor who will provide the financial backing. That means you can make a nice amount of money without really needing any cash up front.
What Is Needed, Then?
If money and experience in the industry aren’t required, what do you need to become a great fix and flip expert? Like any type of self-employed individual, you have to be incredibly motivated. If you aren’t a self-starter and have the discipline needed to get work done without a boss imposing a deadline on you, you may not do so well. You’re in control here, and you make all of the decisions. That also means you have to be responsible for getting everything done.
It also helps to be incredibly organized. You’re the one setting the schedule, keeping track of the budget, ordering materials, and basically everything else. While you’ll have a team of contractors and others helping you, it’s up to you to find those experts and negotiate contracts with them. Being organized will make all of that much easier.
If you’re excited about becoming a fix and flip professional and dedicated to making your own company grow, you can learn everything else. You’re ready to enter the fix and flip industry!