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Updated about 5 years ago on . Most recent reply
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First flip long distance - thoughts?
My question: Should I wait until I'm home in a few months to seal a deal, or start looking now to hit the ground running and manage a GC long distance?
Details: Im in Ft Stewart GA while I recover from surgery. I go home to Tampa on weekends, where I have already created my LLC and begun looking at properties for a fix and flip. I have the financing set, along with the key people needed, except for a GC which I am currently searching for based on recommendations. Once I have a vetted GC, I would like to begin making offers and get a property under contract to start a rehab that needs average cosmetic work (being my first flip). I have experience managing projects, but would only be able to visit the site on weekends. I would possibly pay friends and my realtor to stop buy the work site to oversee throughout the week when possible. I know this can be risky, especially the first time working with a new crew, and also not being able to spot check the site itself until the weekend. However I wonder if assistance from others might help mitigate this so that I dont have to wait 3 months to begin if I'm ready now.
Thoughts?
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- Cincinnati, OH
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@Ryan Steiner, for your first flip and really all flips, I would definitely wait until you can be at the project on a near daily basis. Even highly recommended GCs like to make bad decisions when left to their own devices.
I had used the same GC for 8 years, but had to fire him from a project about a year ago, because he decided to stretch himself too thin, or mismanaged his money, or something. Either way, after 8 years of working together, he still needed oversight on each project, and still turned bad on me.
Even for a simple project, and with everything outlined, things will come up or be missed that need to be caught quickly.