Looking into getting some knowledge on livein flips and fix and flips

[Allie Whittaker]

Hi, I'm looking into getting some knowledge on how I can help my other half with his business. I am very new to this. And don't have a whole lot of knowledge about this. So any advice would be helpful 

[Bruce Woodruff]

Just know right up front that it is a very risky business, particularly right now. Unless he is paying cash for the houses?

Here is the main part of getting a good property: how experienced is he at assessing the needed repairs on a property? If he is a retired GC, then that's good. But if his experience with construction is limited (or none) then you have a problem. You will need to hire someone to give you an accurate budget for the renovations.....and they will not be as precise about it as you would be. Of course after a few deals, he/you will gt better at putting a number on the project, but you may have slim or no profit on at least a couple of jobs.

I had decades of experience and a partner with unlimited deep pockets, and still lost money on a flip! So just be careful and get a lot of experience before you start in this business, it has a lot of room for error for sure......