Craven Academy: Real Estate

So you've purchased your flipping property, now what? If you did a proper evaluation prior to making the purchase, you have a good idea of what needs to be done. The first step is to figure out the scope of work required. Is it a minor cosmetic rehab or a major gut and rebuild project? Is it a-do-it-yourself project, or will you be bringing in contractors? Will you be doing some of the work and contracting the rest? These are things that need to be carefully considered. You may be capable of doing all of the work but how long will it take you? You need to remember that the clock is ticking, you may think that you can save money by doing the bulk of the work yourself but you could find that it costs you more because it takes you a lot longer to complete. If the house needs to be fully or partially gutted you may think it's best to do that part yourself. But if you hired people to help with that, you might save more in time than it costs to pay the help. Ultimately this is a decision that you need to make yourself. If you make the wrong decision, hopefully learn for next time.