Our first flip was listed today!

[Account Closed]

We sure learned a lot over the last few months.  A few key take aways as we listed our first flip in East Salt Lake City, UT today (2 others will be listed in the next 6 weeks).

1.  Management.  We found that if we didn't manage our crew, they wouldn't get things done.  To think you can just delegate key decisions to a GC is naive.  Manage the project, or it will manage you.

2.  Investor Relationship.  Our investors live at a distance, so to keep them in the loop, we created a shared google drive folder.  We include pictures, a property P&L, and receipts.  That way, they see exactly what's going on in their deal.

3.  Little things make a big deal.  The direction of the tile.  The color of the grout.  The shade of paint.  It all matters.  We created a culture in our crew that these little things make a big difference.

4.  Pipeline.  We let our pipeline go a little bit......and now we're looking for our next deal too late.

[Shelley Kleinschmidt]

Great post, good points all around. We are midway through the fixup on our first flip and learning lots of these types of things along the way. We are finding that making the effort to really engage the contractors in our project and sharing our enthusiasm with them about this and future projects seems to really make the work go better also. Great suggestion on using Google drive for communication flow. Good luck on quick and profitable sale! 

Shelley