7 Figure Flipping [357] Don’t Make These Mistakes With Your Contractors (Lessons Learned)
House flippers, listen up… we need to talk about contractors.
It’s not enough to just find a “good” contractor to handle your flip projects. You also need to know how to build an effective, long-term working relationship with that contractor… and this requires setting expectations correctly, managing your renovations, running the numbers the right way, and more.
In this episode, Mike Simmons shares the lessons he’s learned from working with many different contractors on countless flips over the years… so you can learn from his mistakes.
We’re digging into stuff like…
- How Mike has his contractors bid projects (this might surprise you)…
- Why he has multiple contractors come to his houses at the same time…
- How his business almost collapsed overnight due to cutting ties with 1 contractor…
- The contractor ads he puts on Craigslist…
- Why he creates scopes of work BEFORE the contractors show up…
- The questions he asks when contractors apply to bid his jobs (his Google form)…
- What a “release of lien” is and why you need them with subs…
- How he incentivizes contractors to finish ahead of schedule…
- Some of the major “gotchas” and tactical mistakes flippers make…
- Why it’s important to “control the ARV” of the houses you flip…
- How he “accidentally” got into wholesaling…
- How to grow and scale your real estate investing company…
…and more.
It’s been awhile since we’ve caught up with Mike Simmons. Mike is an incredible real estate investor with a background in both flipping and wholesaling. He’s a mentor, a coach, and a good friend.
And these days, he’s also an author.
Mike’s new book “Level Jumping” is flying off the shelves. (Does Amazon have shelves? Hmm…) The book is all about how to break out of the cycle of “I can’t grow until a hire a team, but I can’t hire a team until I grow.” There’s a saying… “You don’t know what you don’t know.” This book will answer the questions about flipping and wholesaling houses that you DON’T KNOW TO ASK.
You can get it on Amazon (click here), or you can get a FREE digital copy by texting the words “Just Start” to 55444.
Oh, and a quick note about Amazon… whenever you’re shopping on Amazon, go to smile.amazon.com and do your shopping there. Same exact site, but a portion of your purchases will go to the charity of your choice. Pretty cool!
Catch you on the flip side!
Links and Resources
"Level Jumping" by Mike Simmons: Get your copy on Amazon.com or text “Just Start” to 55444 for a FREE digital copy of the book!
- CLICK HERE: Level Jumping (Book)
Are you ready for the 30 Days to $500k Challenge? It's launching soon... and the goal is to give you an exact blueprint to follow to raise $500,000 I private funding for your real estate business over the next 30 days. Learn more at the link below!
- CLICK HERE: 500kChallenge.com
Follow the 7-Day Flip series on YouTube! Can Tyler Jensen and his team flip 4 houses in 7 days? (Start to finish, full renovations.) Time will tell... We'll be releasing a new episode every week till the end. Subscribe to the 7 Figure Flipping YouTube channel to get future episodes as they're released!
- CLICK HERE: Subscribe on YouTube!
Flip Hacking LIVE tickets for October 2020 are available now… and seats are filling up fast. If you want to learn the exact systems and strategies the nation’s top house flippers and wholesalers are using to flip 100s of houses per year, reserve your spot now. Sign up below!
- CLICK HERE: FlipHackingLIVE.com
I also have something "super secret" coming up soon. I can’t give you all the details now, but let’s just say I’m going to be hanging out with some of the most successful house flippers and wholesalers I know right in your living room… through the magic of Zoom. This will be a live “virtual event” happening in mid-July. More on that later… stay tuned!
====================
Want to continue your house flipping / wholesaling journey? Here are a few more resources to check out...
Subscribe: Join the 7 Figure Flipping email list to get the latest house flipping and wholesaling secrets, plus insider access to real estate investing tips, training, and more! Click Here: https://7figureflipping.com/subscribe
7 Figure Flipping Podcast: Subscribe and get more episodes like this one delivered to you every week! Click Here: https://7figureflipping.com/listen
Facebook Group: We've built a community of serious investors who are learning and growing their businesses together. Join the Group on Facebook: https://www.facebook.com/groups/fliphacking/
7FigureFlipping.com: Learn more about who we are, our mentoring groups, upcoming events, and the causes we support at our website. Plus, grab some free downloads and other materials to help you on your real estate investing journey! Click Here: https://7figureflipping.com/
Hosted on Acast. See acast.com/privacy for more information.