In Episode 22 of An Investors Journey, we go over Why Contractors Are Terrible Investors!
I speak to soooo many contractors that tell me they are going to start "flipping houses" just because they know how to fix them.
As a former contractor, myself let me tell you that it is NOT that easy.
Just because you know how to do the work does NOT mean you know WHAT work needs to get done! As a contractor, my problem was that I looked at every house through the lens of a contractor. This is problem #1. If you are a good contractor and that's a BIG IF, you will always want to do the best work with the best materials. But what you must understand is that it doesn't always require the best materials to get the RIGHT job done.
There are times that you must put your EGO, yes I said ego, aside and do what's needed and not what you want. I struggled with this for many many years. I would go into potential deals and think it needed EVERYTHING brand new because everything was so messed up. But it took a lot of houses and speaking to many investors before I realized that you can just paint things and NOT replace them.
After realizing this I struggled with feeling like that was crap work and if I had to do that crap in order to flip a house then I would NEVER flip houses.
So as I'm sure you can tell I changed my mind lol.
I again pushed my ego aside and looked at what the market was telling me.
Now we're flipping many houses and thanks to my previous knowledge from being a contractor we're doing this with great success.
Hope you enjoy this episode and please share it with any contractors you know that want to get into flipping.
How We Do More Deals Through Partnering - AIJ007
The Difference Between Perceived Value and Appraised Value
Putting Together A Scope Of Work - AIJ006
How To Hire Contractors - AIJ005
A Rant About "Investor Friendly" Contractors
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