First Flip: Am I missing something?

[David Olson]

I will be diving my first Flip here in Texas ( West of Houston in Katy to be exact) at the end of this month. I have formed a partnership with a good friend who has his own construction company and manpower. My role is mainly acquisitions, marketing, sales, business development etc. My questions is, of the list below, am I missing something that I should consider or definitely have prior to beginning this flip?

• 1.Vacant Dwelling Policy $4240 for the year. (Prorated back to me when I sell the home)

• 2.Flood Insurance $425 for the year. (Also prorated back once I sell the home)

• 3.Plan on using a listing website I.E. Listing Spark , Realmart etc.

• 4.Working on the logo and other marketing strategies so that we can put our company sign in the front yard

There has to be more than the above. The construction aspect, permits, HOA approval of our design, and material is taken care of by my partner but any suggestions related to construction are also welcome!

I’m a bit nervous but in a great way!! I plan to post pics as things begin and would like to start a post where I update the status of the flip every week or so.

Thanks to everyone who can poke holes or chime in on this!!!

[Danny Webber]

1. get builders risk insurance for a flip- better coverage

2. flood- ok, try to use the same policy as the seller if a claim was paid on it already

3. ok, you are better off getting your own RE license though

4. need an operating agreement, verify his GL Ins coverage, need written detailed scope of work

BIG TIP- EVERYTHING NEEDS TO BE IN WRITING BETWEEN PARTNERS.... NO EXCEPTIONS!