All Forum Posts by: Justin Eaton

So far i have completed 8 flips, 5 of which are sold, 3 of which are currently listed for sale, and 1 new flip currently under renovation. For the first 8 houses, i ran the jobs as the general contractor during the renovations while working full time. I have a fair amount of freedom for my full time job so i was able to run around to the job sites to during previous renovations and manage the individual trade contractors and keep things running smooth. 

For my most recent flip which is currently being renovated, i decided to hire a GC to run the job. The renovation is only about 20% complete, so far it has been on track and i am happy with the GC that i have chosen. (I have used this GC in the past for carpentry/tile work)

My question to you guys is, which method do you prefer? Is it worth the money that you save by running the jobs yourself and not paying a GC? Or is it more worth your time to hire a GC? 

Would love to hear some experiences that you guys have had in both situations as well. 

Justin! 

Process for a first time flip. 1. Figure out your financing and define a budget - will you use cash to buy and renovate? Will you use a construction loan? Will you use a hard money lender or private lender? 2. Define a specific criteria, most importantly - the area you want to invest and / or can afford to invest based on your budget 3. Find a realtor to help you find your first deal. Ask around for referrals from other investors and try and find a realtor who is investor friendly and understands the deal from an investors point of view. A good realtor is very important to help find and close your first deal, especially if you have never bought a house before at all. 4. Review your specific criteria and budget with your realtor and have them create an MLS portal with this info. You will also want to look at comps for active listing and sold listings in the area to estimate your after repair value, you will need this when analyzing the deal. 5. Search the MLS portal, zillow, trulia, etc, visit these homes, run the numbers on them, and come up with offers on homes that work based on your numbers and desired profit. If you do not have construction experience - Consider bringing a contractor or home inspector along for a second visit on the house (s) that you will be making an offer on so that your renovation budget is accurate. 6. Make an offer!! Negotiate the deal and close! 7. Renovate. 8. Review comps to narrow down a list price. 9. Sell! 10. Go to the bank! Justin 🏡