House flipping can be considered a team sport. Even if you can handle nearly everything yourself, there are times when you will still need a licensed professional. This may be a plumber, electrician, or legal consultant. Let’s take a look at who you need on your fix & flip team.
An attorney can make sure that your selling or buying contract is airtight and that all possible consequences are legal. Unexpected things can go wrong after a sale that can escalate into a legal matter, rightly or wrongly. For instance, even with an as-is addendum, the homeowner could look to you for legal recourse if their deck failed two months after the purchase, even if you never touched the deck and the home passed inspections.
An accountant that you trust will take care of your bookkeeping and ensure that you are “toeing the line” on all tax and legal issues you may be facing. Many of these issues are complicated and an expert who devotes their day to understanding these issues is a good asset to let you handle other things.
You want a contractor you trust, who can work on your timeline. A contractor who understands fix and flip and your motives will be your best partner, because they know that you’re on a budget, on a tight time frame, and that you will be able to give them other projects in the future if you work well together.
Real Estate Agents
Some real estate agents specialize in finding buyers for foreclosures. Relationships with specialized agents like this can be a boon for your business. If you are motivated to get your own real estate license, you can effectively represent yourself. In the meantime, find a real estate agent that is skilled in representing both buyers and sellers.
On the flip side of the deal, when selling the property, it’s important to have a system in place with a listing agent you work well with. Discounts or special rates for your multiple projects in the pipeline helps put money in both of your pockets consistently.
Unless you have a pile of money in the bank, it either takes a loan or someone else’s capital to buy a property. A reliable source of capital is an essential part of your team, because without the cash, it’s difficult to competitively buy properties.
Gorilla Capital can provide support in all of the above mentioned areas and more. In many ways, Gorilla Capital IS this team! Our office staff pays your invoices. And we don’t just pay them blindly, we make sure they are accurate.
We make sure your deals are tax compliant in every way. Our transaction coordinators will take care of all purchase and closing paperwork, including providing tax IDs, wiring instructions, executed HUD, and closing documents. We also provide funding for experienced fix and flippers. With that funding comes a full array of support services including an in-house legal team. Want more information? Don’t hesitate to get in touch with us!