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When should I hire a contractor ?

When you decide to invest in your first flip you’ll be probably just hoping to go with the flow of things, but often this ends after the first day on the job. You need to know before you even buy a house how much you plan on spending to renovate the home, because without a budget you’re setting yourself up for a disaster. You should also have priced out how much things are going to cost before you buy your flip, like the materials and contractors. Usually when you add everything up the costs far outweigh the budget and the number one thing most rookie flippers do is spend more then they budget for. The key to flipping is to set a budget and stick to it no matter what even if this means taking out certain projects to save money. You won’t be living in the home, and your goal is simply to make as much money as possible and then run to the next house so don’t get emotional with the renovations and don’t overspend.

One way for you to keep on budget and also a way to keep an eye on the whole process of your flip is to do some of the work. A lot of the big flippers will use contractors it seems to do everything and although this is fine for people doing 2-3 flips per month, for someone only doing their first flip you should try doing a lot of the work. You’ll gain valuable experience of what it takes to flip a house and you’ll know whether you’re cut out to be a flipper.

Contractors aren’t cheap and they won’t be cutting you any special deals so that you can stay under budget so you should know ahead of time what you plan on doing and what you plan on hiring people to do. Things like painting, flooring, cabinets, toilets and sinks can all be done yourself with minor effort and knowledge needed and can save quite a bit of money just by doing those things. On your first flip you should be your own general contractor and you should only really be hiring people for the specialized projects. Anything like changing the roof, fixing the foundation, electrical and plumbing should all be handled by a professional who is licensed to do the work. If you’re not licensed then the work won’t pass inspection and then you won’t be able to sell your home.

For the jobs that do require you to hire a contractor you should be getting quotes from different people in your area so that you can find the best pricing. The best pricing doesn’t mean the cheapest, because you want to hire someone who knows what their doing. You should conduct in-person interviews on the job site so that you can see what the contractor’s plans are and so you can get that first impressions. The first impression is always important so if you don’t get a good first impression then you shouldn’t go with that contractor. By conducting in-person interviews on your job site then you’re always making sure that the person you’re potentially hiring is someone who shows up on time.

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3 Responses to “When should I hire a contractor ?”

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