Flipping Houses | Why NOT to Hire a General Contractor When Flipping Houses…

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As the nation’s leading expert when it comes to flipping houses and commercial properties, check out Jerry’s latest tip, strategy, technique and/or just a darn good idea that will help you flip more deals and make more money. To learn more go to: http://www.FlippingMastery.com

20 COMMENTS

  1. I am trying to get into flipping house to make money. I find that this is very helpful since I am a complete beginner. I plan on learning more through these videos so that I can be better prepared.

  2. Can't do that in North Carolina. You have to have a licensed contractor or live in your flip for 2 years then sell it. I'm an open book with my numbers too

  3. I strongly disagree with this. My reasons are as follows…

    1) In most states unless you are going to live in the house (not flipping the house) you are required by law to have a General Contractor.
    2) If you are just starting off in the venture of flipping houses you can easily go broke on your very first flip. It is so important to have a professional that understands what will require permits, code upgrades, and all of the related cost.
    3) If a General Contractor gives you a fixed price (as mentioned in this video) that is a great thing. Now you have hard numbers to work off of. If the job cost more than what was agreed to then the contractor is at a loss, not you. You do not have to worry about going bankrupt on your flip. If the Contractor quits or goes belly-up all you have to do is contact the registrar (as long as he has a licence) and they will replace your contractor.
    4) It looks easy on TV and on Youtube, but it's not. There is a lot to learn. Start off with a General Contractor and learn on the job. Eventually you will learn the skills and knowledge of the trade. There are more people loosing money trying this than making money.

    I'm a General Contractor that flips house's so I'm speaking from experience. You won't catch me doing my own taxes or drafting up the contracts when we buy a house. Do what you know and hire someone for what you don't know. That's the only way to succeed.

  4. Request a signed contractors bid and conditional waiver lien and Ensure the totals match. Once it signed then the contractor's must adhere to it. If something change void the old and create a new. This is what mortgage companies do.

  5. This is the primary reason I am taking my time gerting into the flipping profession. As a teacher, I get 2 months off a year plus I'm handy with the tools. I'd rather find and buy my first flip that early summer then do each repair stage by stage.
    There is so much free information and how to videos on YouTube its like going to university for free. Doing it this way gives you the knowledge like he said and allows you to control cost. The only things if hire a contractor for is to do plumbing and electrical stuff that require more understand of those systems.

  6. why don't you just ask the GC for open communication instead of taking months to possible years to pay and learn their craft?
    Would also like to mention that if your in good ties with a contractor then I'm sure if you asked nicely he can take you under his/her wing and train you to do what he is doing. The only reason why i say is because this is exactly what i am doing.

  7. Good advice Thanks Jerry! Most people however are not familiar with the renovation process and therefore should hire a project manager.

  8. So basically
    You buy the house to make profit
    But the GC shouldn't make a profit off you

    And hypothetically what would be your mark up when you sell the house

    Buy low – sell high

    Will you disclose your figures and work methods to your potential customers …

    If the GC is concise reliable and a pro at what they do then it's a willing formula

  9. This is a complex video for what he is trying to say so what I got out of it was don't hire a GC but become one…now if you say it that way I can really see the advantages, but in my expenses, it's a very complicated process and 9 out of 10 times you are losing time… the easy fix I would say is to request a breakdown from your trusted GC of the costs and labor…. I have to say it's not a bad video if you like to think its just complicated.

  10. I always itemize everything when giving price on work to the home owner and I always stand by my price I have never at the end of a job said hey its gonna be more. contract is contract written in detail of the scope of the project and with payments attached, it's agreement between contractor and homeowner.

    if you hire someone they pull that shit, refer to the contract.

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