How would you utilize a day with the TOP flipper in your market?

Question

Hey Everyone. I'm a new investor and have been granted an amazing opportunity to spend a day with the TOP house flipper in my market. I want to make the most of this time to learn from the best as well as make an impression on him for potential partnerships and an ongoing relationship. I understand the numbers and am confident I will pick up the process of handling contractors and estimating rehab once I get "hands on" into my own flip. I'm actively looking for my first flip and have several offers out currently.

Here is my question. If you had this opportunity when you were first starting out, what questions would you ask? How would you best utilize a full day with the leader in your market to jump-start your career as a Flipper?

Thanks for the input!

Here is my question. If you had this opportunity when you were first starting out, what questions would you ask? How would you best utilize a full day with the leader in your market to jump-start your career as a Flipper?

Thanks for the input!

Paul Hitchings · Answer

my 2c

1) Parts of the flipping process you are not as familiar with

2) Tips for sourcing leads

3) Thoughts on interacting with homeowners

4) Overcoming growing pains and building a team

Like they say, people do business with those they "know, love and trust."  So if you're a likable, honest and intrepid business person, I don't think you need to worry about anything other than being yourself.

As an aside, I once had a mentor who was quite advanced in his investment methods. The only thing that ultimately ended our relationship was that I struggled to have faith in his methods, which were successful when applied, but required large amounts of faith and very modest initial investments.

So, I suppose the only thing that might make this flipper friend not want to associate with you is if you take everything you learn from him and do nothing (or very little) with it.

I'm sorry Frank! I haven't given up!

Jamie O'Brien · Answer

Thanks Paul and Ritch! Great feedback and important questions!

BTW... not sure why my last sentence is starred out up top but that is supposed to say "...actively pursuing my first flip..."

Ritch Bonisa · Answer

Make sure you discuss contractors and rehab costs with him.  How to determine rehab costs before acquisition.  How to minimize the surprises. How to put together construction phases and handle draw payments.  How to vet contractors.  See how important a detailed up front plan is to him.

Sounds like a great opportunity!