Flipping and Hard Money (How To Manage with the Time Limitations)

[Leslie Zhang]

Hello There,

Right now I'm having some issues with my contractor because his work is not up to code, and "sub-standard" as my investor friends call it. I'm having to get the AZ registrar of contractors involved, and fixing this has taken a long time.

I am looking to start my first project for a fix and flip soon (up until now, it's been buy and hold, or invest with others who are doing the fix and flip), and am wondering how to avoid less than satisfactory work that will eat up time and substantially increase holding costs.

My model would be a 20% downpayment, 80% hard money, and I pay renovation funds, but given my experience level with managing renos (very little), I am wondering how to avoid the risks of running too long with the loan and having it eat up profits.

Any advice please.

Thank you,

Leslie

P.S. Do I need to be in state during the entire span of the flip?