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Project Management
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Project Management – Flipping Houses

Project management is frequently overlooked when flipping houses. Unless you are running a full time house flipping business, you generally don’t think to hire a project manager to manage your rehab project. In fact, many flippers do it themselves and find that they don’t have enough time to find more deals. Some real estate flippers hire general contractors and let them manage the entire flip. While this is a great solution, there are others as well.

Every flip has different challenges and unique scenarios. It’s not new construction. Many investors have dreamed of having a full time project manager to monitor their flips. Why? Experience! After many mistakes, you tend to know where the next mistake will rear its ugly head. However, it’s not only experience that project managers bring to the table. Project managers help to free up your time as well. Therefore, our project management services are designed to preserve two very precious components. Your bottom line and your time.

Your Bottom Line

In a hot sellers market such as the one we have just experienced, the wind is at your back. For instance, a $15,000.00 mistake can turn into a $15,000.00 profit simply because during the rehab timeline, the property appreciated by 10% ($30,000.00). In this type of sellers market, you finish the rehab, re-evaluate the comparables, and “push the price.” Protecting your bottom line in a sellers market is different than in a buyers market. 

In a buyers market where more inventory is available, market times are longer, and price reductions are common, a $15,000.00 mistake can quickly unravel into a $30,000.00 loss. Why? After the rehab is finished, the market could have corrected by 5% – 10%. What once was a solid ARV of $300,000.00 may now only be worth $285,000.00. What’s worse is that in this market, buyers are more aggressive when asking for repairs, closing costs, and lower offer amounts. It’s not uncommon to see a price reduction after a 30-60 day market time either. This unfortunate scenario is a large portion of your gross profit. Many investors simply can not sustain a $30,000.00 swing as this is typically 50% -100% of the expected profit. Protecting your bottom line in a buyers market is vastly different than protecting your bottom line in a sellers market.  

How do we protect your bottom line? The contractors we work with have been vetted multiple times and already know what to expect. We provide structure and as noted above, efficiency during the construction scheduling process. The relationships we have with our suppliers, engineers, architects, city inspectors and plan reviewers all provides additional value that increases timelines. If you can flip your house more quickly, your money is tied up for a shooter period of time.  

Your Time 

No one wants to be stood up, have to wait for city inspectors to show up, have to constantly follow up with the same people, and at the end of the day, wasting time is just bad all around. Time is our most valuable asset. If you could free up your time and have us manage your flip, you would probably agree that it’s a valuable option. It’s just as important to locate and secure the next flip as it is to be profitable on a current project.  

Whether you have too many current rehabs under construction, just beginning to invest in flipping houses, or you are not quite yet at the point to hire a full time project manager, we can help!  

How We Can Help With Project Management

1099 independent contractor vs employee vs general contractor vs yourself

  • General Contractor Manages the Flip
  • You Manage the Flip 
  • You Hire a Project Manger to Mange the Flip
  • We manage the Flip

With refined tool sets that include detailed construction estimation spread sheets, production schedules, and custom project budgeting software, we are more than capable of providing a turn key solution for your entire renovation project. Our team includes every individual needed to help reduce costs, increase efficiencies, and provide excellent workmanship.    

Have you ever: 

  • Interviewed a contractor
  • Fired a contractor
  • Pulled permits at the city
  • Maintained construction budgets
  • Managed production schedules
  • Dealt with structural engineers and architects when modifying floor plans
  • Located and haled construction materials
  • Accurately and efficiently organized material take offs
  • Studied the international and residential code requirements
  • Managed and hired contractors & subcontractors
  • Coordinated city inspections for electrical, mechanical, & plumbing
  • Stopped a stop work order from being posted on a front door
  • Conducted a home inspection
  • Held merchant accounts with construction suppliers
  • Negotiated with hard money lenders
  • Listed property for sale 

How about hired a contractor only to later find out: 

  • They knew much less about the trade than initially stated
  • Never had an actual contractors license
  • Took much longer to complete the project 
  • Tried charging more than initially was quoted
  • Had no paperwork, contract, or agreement regarding project specifications 
  • Got paid and never came back 

Project Management Services

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