I'm look to flip long distance!

[Mashika Johnson]

Hey Everyone,

I need all the experienced flippers who have every flipped a house virtually or long distance front and center! I came up with the idea this morning that I wanted to venture into other markets to fix and flip and partner with active flippers in those markets to build up my cash to invest with other strategies that I am interested in. I want to get insight from people who have actually done this successfully. Here are a few conversation starters:

1. Did you build out a team to do the flip virtually or did you partner with someone in the market who had everything else in place, but you brought them some form of value?

2. If you built out a team, how did you find the players for your team and how did the qualification process go?

3. If you partnered with someone in the local market, how did you find them and how did you know they would be a good fit? (Did you base this off their goals or who they were as a person?)

4. What processes did you put in place to open lines of communication, get updates on what's going on, make sure that your interest in the deal was protected, and that the process went smoothly from start to finish?

5. What challenges or struggles did you face by not being local?

6. What did you include in your operating agreement with the partner?

7. What criteria/I will only do this deal if...did you create along the way?

Any other advice would be greatly appreciated.

Thanks in advance!

Mashika
  

[Esprit Smith]

Good morning Mashika, I am based in CA and am flipping in TX, because it is less capital intensive. 

I believe it is possible. The largest challenges to me were investing in a market I don’t know, but I think that is where building out your team is of the utmost importance, particularly a contractor you trust and a strong real estate agent.