One of the hardest decision’s to make in the middle of a house flip that is not meeting the deadlines is should you fire the contractor.  I am from the old school of work ethics and believe that if you don’t show up, do crap work, or try to jack prices in the middle of a job you are not worth keeping and I would fire the contrator on the spot, and take over.

But, if the contractor is good and the project has truly ran into issues beyond his control that as causing the delays then I would be firm but work with them to try to get everything resolved ASAP.

You really don’t have to be a rocket scientiest to know if you need to fire your contractor.  The best advice I can give you is go with your gut and don’t let them pressure you into thinking that they are unreplacable and you can’t go on without them, because everyone on the job can be replaced, and you can hire sub contractors and finish it on time and in a hurry if you need to.

Often times I get the question from friends and family “Do I Need a Home Inspection,” and the answer is absolutely yes.  I home inspection will help give you assurance that the house you are purchasing is worth what you are willing to pay.  For instance, say you purchase a house for 20 thousand below market value that you want to flip, and only put 5 thousand into the project.  Now, let say you don’t get the inspection, and you buy the house and later find out when you are ready to sell the house that it has foundation issues that have to be repaired before you can sell it.  Now, you have to pay for foundation repair and you are going to have to pay are pretty penny to have all you tape and bed line fixed from the cracking because of the foundation repair.  All of this could have been avoided if you would have purchased a home inspection for a couple of hundred dollars.

So, be sure to get and home inspection and be sure to hire someone that will do a good job.  They need to check the roof, and under the house, foundation, electrical, plumbing, everything.  Not, just drive by and say looks good to me.   Home inspection is key to making money on a flip because it will help you figure out what it will cost to have this house up to code, and if that amount is more that you are willing to pay then walk, and go and find the next deal.

I have flipped a couple of houses in the past couple of years, but in todays economy many people are finding it hard to flip a house fast, and for good reason.  But, I have a few tips to help you turn the flip in to profit in no time.

First, make sure you have the best looking house for sale in the neighborhood because the people that are looking buy houses are not looking for fixer uppers, but rather something to live in.  So, go walk through some of the houses for sale, and make sure that your house that you are flipping looking twice as good.  It is amazing what fresh paint, trim, and new appliances can do for a house flip.  By having a nicer looking home you will draw in the people that are really looking to purchase a home. Read the rest of this entry »