Fixing & Flipping – about the fixing part…

[Michael Gallagher]

Hey gang,

The forum seemed somewhat derelict, so I thought I’d jump in to say hi. I’m fairly new to the group, but I was just wondering – is there anyone here who might have experience fixing & flipping who might offer some advice on where to start. Tom is great, and I’ve spoken to him a bit. A lot of his teachings are really great when it comes to finding/acquiring/selling those opportunities (so mostly flipping), but I feel that since so much property out there needs at least some work, it certainly behooves me to learn how to fix up a property properly, and Tom doesn’t really wade into that much, mostly just catching him on a work site with some pearls of wisdom and behind the scenes as he’s working. I could be wrong, and feel free to point me to any comprehensive fixing videos he’s done. Otherwise, is anyone out there willing to talk to me a bit more about it, or at very least point me in the right direction?

Thanks so much,

Michael Gallagher

[Chris Parker]

Find a good contractor — date a few, shop their prices, even better find sun contractors — painter, electrician, etc. get these guys dialed in — they know how to do the job. If you don’t know trends or design get yourself a designer. They will pick out all the colors and finishes.

[Blake McKay]

Everything that Chris just said has been my experience as well. There are always surprises so build a little margin into your pricing for repairs. If a sub or general contractor blows his budget it could be a sign that you need more experienced contractors.

[Michael Gallagher]

All good recommendations, thanks Chris and Blake! Do you think reaching out to these folks for networking first makes sense, or do you find that they’d just be annoyed unless you bring them a project first? Trying to learn more without getting in over my head too quickly, you know? There’s a meetup for investors, agents, contractors, and hard money lenders that happens twice a month here in town that I think I’m going to go to start making some connections with folks.

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