As real estate prices remain strong and mortgage rates continue to hover below 7%, many of you might be thinking about diving back into the real estate flipping game. Whether you’re a seasoned flipper or considering your first project, one truth stands out: You can’t do it alone. To truly succeed in this market, you need a strong, well-rounded team. Here’s why assembling the right professionals before you even buy that first property is essential.

Why You Need a Team

Real estate flipping isn’t a one-person job. While you might be handy with a hammer, a successful flip requires expertise in several areas—areas where you may not be as skilled. That’s where a team comes in. Surrounding yourself with experts ensures you’re not only efficient but also protected from costly mistakes.

Here’s a look at the key players you need on your real estate flipping team:

1. Real Estate Professional
   • Your real estate agent, like Corey Edge, is crucial. They not only help you find the right property but also ensure you’re making sound investment decisions. A good agent knows how to navigate the market, understand the value of a property, and negotiate deals that favor your bottom line.
2. Lender
   • Financing is often the trickiest part of flipping a house, especially when dealing with distressed properties. A reliable lender like Dwight Millard, who understands the ins and outs of real estate investments, can make the process smoother. Whether you’re financing the flip or need quick access to funds, having a lender who can act fast is invaluable.
3. Contractor
   • Time is money in the flipping business. Once you close on a property, you need contractors who can start work immediately. Reliable contractors are worth their weight in gold. They might not be the cheapest, but their quality and dependability will save you time and money in the long run.
4. Insurance Professional
   • The insurance market is becoming increasingly challenging, especially for flippers dealing with vacant or under-construction properties. Finding a good insurance broker who can navigate multiple companies to secure the right coverage is essential. Without proper insurance, your investment could be at significant risk.
5. Financial Advisor
   • A financial advisor plays a critical role, particularly when quick decisions need to be made regarding your capital. They can help ensure your money is working efficiently, providing liquidity when needed without jeopardizing your overall financial plan. Your advisor can also act as a quarterback, coordinating with the rest of your team to keep everyone on the same page.

The Importance of Pre-Building Your Team

One of the biggest mistakes new flippers make is trying to assemble their team on the fly. By the time you realize you need help, it might be too late, and problems will already be knocking at your door. Pre-building relationships with your team ensures that when an issue arises, you have trusted professionals ready to jump in. Whether it’s a legal hiccup, a construction delay, or financing questions, having these relationships in place allows you to act quickly and confidently.

The Bottom Line

Flipping houses is a dynamic and potentially lucrative business, but it requires more than just a can-do attitude. By building a team of trusted experts before you even purchase your first property, you set yourself up for success. Not only will this team help you avoid common pitfalls, but they’ll also enable you to move quickly, maximize your investment, and ultimately achieve your real estate goals.

Whether you’re a seasoned pro or just getting started, remember: In the world of real estate flipping, your team is your greatest asset.

You can learn more about this topic where we covered all of the details on August 20th The Jon Sanchez Show. You can stream the podcast from any of your favorite podcast platforms.