Im a New investor here

[Chase Bolin]

Hey everybody! I’m totally new to the real estate investing world. I recently bought my first Flip house with a partnership with my father. He has flipped many houses and should be a good Influencer. Looking for any help or tips everyone may have on going forward! Thanks

[Evan Polaski]

@Chase Bolin, welcome to the fun, incredibly frustrating, but potentially hugely profitable world of flipping. 

A couple pointers: don't hire contractors that want draws based on % work completed.  I am fine with draws, particularly for large projects, but they should be tied to concrete milestones.  My draw request yesterday was for drywall hung.  I walked the property and all drywall was hung, so I am fine writing that check.  

In flipping, but really all of life, time is money.  Typically, your low cost contractors equate to low quality and slow work.  It is worth it to pay more for more professional contractors that have teams, show up when they say they will, and actually put in a full days work.  However, it is a balance.  I.e. for my current project the professional plumbers that I know will do everything well and quickly provided a $20k bid.  I ended up going with the $9k bid, but it was a battle to get them to show up, and the job took three times as long (6 weeks vs 2). I am not upset with my decision for various reasons, but it is a common trend I have seen over the last 5 years of flipping.

Tied to the two above, be careful of contractors that are able to start right away.  They legitimately might have a hole in their schedule they can fill, but more frequently, it is because they will take on every and any job that comes to them, which means they will never be focused on your job. I know I said time is money, but I would rather wait a month to get started with a good contractor that will knock it out on time, versus someone that can start today, but once you hire them, they only show up once per week and your job takes 3 months longer overall.