"How" do you flip remotely?

Question

As a long time investor and builder of new construction, I'm curious about these so called remote flippers? I see Youtube videos titled "How to flip remotely" but they never tell you "how they are doing it" Some claim they never see the properties other than pictures.

Does anyone have experience with this that can lay out a proven strategy that you are using?

I for one have trust issues, and before I pay a trade I've got to see the work and know that it was done right. Usually I'm around looking over their shoulder while they are doing it.

I can't imagine hiring a GC 1,200 miles away to manage the project and to oversee all the trades as that is really going to eat into profit with basically none left. I can't imaging trying to hire the trades and them sending me pictures cause they'd not video or photo something that's an issue that would come back on me in the end.

Any help would be appreciated. I've got to get out of my dead area and start finding deals and making things happen. I can't leave my elderly mother for weeks at a time. She really depends on me.

Thanks

V.G Jason · Answer

Do not do this unless you're prepared to go there and get an established network, and can go back consistently. I've built a solid team in 3 of the cities I am in, it was a miserable experience at first.

Mike Dymski · Answer

Remote flipping for part-time investors is one of the hardest and riskiest strategies discussed on BP.  Heck, it's difficult in one's local market.

Chris Seveney · Answer

@Ronnie C.

I am with you, renovation next door is hard enough, flipping while remote - I don’t believe anything I see online.

Most of it is fake and anyone can  say I made a trillion dollars doing it so prove me wrong

Ronnie C. · Answer

How did you find your team/put them together? Are they paid by local Florida checks or local Ohio checks mailed to them from Florida? Assuming they are 1099, and no one is W2? These are the things no one doing it will talk about, “how it’s done and structured?

Are you living in Florida now and formerly a native of that area? If not how did you know what rehab or construction materials and labor cost was running in that area?

I am interested in a particular market in Florida that I’d like to have a 2nd home there and do business. I have a Realtor I’ve been speaking with and he’s sent me some listings. I’m hoping to find and according to my Realtor, should be able to find on market properties. Happy with him so far. I just can’t get down there for weeks at a time and hire my subs and oversee them directly at the moment.  Any enlightenment would be much appreciated?! As I’ve stated it seems to be a big secret that no one wants to lay out the inner workings or logistics of remote flipping.Thanks

😊

Mike Dymski · Answer

Bob is running a real estate business.  It's completely unrelated to your question.  Flipping at scale is nothing like flipping without it.  It's comparing apples to orangutans.

Bob Stevens · Answer

How?  Simple, not easy but simple.  I have a team in place in the Cleveland markets all while living on the beach in FL. When presented with an opportunity I have it walked typically within the hour or so, and make the offer as is. If accepted, which most are, I close. All work is handled. I than keep it for a rental or flip it to an OOS or country investor. I have done about 500 all while living out of state.

Its ALL about knowledge and your team

Good luck

Bob Stevens · Answer

WAY overthinking, how are they paid? Cash app or pay pal, who writes checks LOL.  of course not w2.  How did I build a team, I went there and built. I still remove and add contractors all the time, all remotely. Just this past week I took on two new crews, all went well. Next week I have them start (as long I close)  a 30k reno, while I am in FL.  Videos and photos to show the work.  Never lived in Cleveland. Materials, I have experience doing deals, also just go to HD, and get familiar. After a few you too will know what it will cost.  I know what repairs cost with labor. Its really not that difficult. There is not a book in the world that will provide reality, just like those dumb flipping shows on TV, not reality.

Realtors NEVER use them, for the most part they are useless. All my deals are off market.

All the best

FL WAY overpriced, this bubble is going to bust, 900- 1200 a sq ft is INSANE!!  IMO do not buy

Henry Lazerow · Answer

Ive had clients flip remotely but they use my referrals so was somewhat audited workers. Then they send videos etc. home inspection like normal. I rehabbed a property and only visited twice its all pretty remote now a days.

Ronnie C. · Answer

No, it's not unrealated! I for one would like to know HOW? How do you get that kinda volume? How do you get deals falling into your lap? How do you find the GCs or individual trades in an area where you don't know anyone? There has to be some kinda method or strategy than just hanging out at Home Depot all day?  Just like the Youtubers, vague with no information or detail. Expected more information from Biggerpockets, that's why i'm here!

In my business I gotta work my @ss of for everything! Problem is it's dead around here and anything on the market including below median priced houses are just setting going no where!

Would love some straight answers and not vague. :)

"How" do you flip remotely?

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