ABCs of Flipping by Pitts Afa;

Author:Pitts, Afa; [Pitts MD, Afa]
Language: eng
Format: epub
Tags: General Fiction
Publisher: Advantage Media Group
Published: 2023-05-31T00:00:00+00:00

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Networking

Networking is all about building contacts in your chosen field. No house flipper can do it all. Far from it. You need a strong T: Team to be successful. No one can buy, rehab, and sell a home—including all the physical work, as well as staging and marketing—all by themselves. Contacts are key.

When I was first starting out in flipping, I already knew that wholesalers and relationships with brokers were essential to my plan. Unfortunately, it is not like you can call up a wholesaler and expect that these people are going to jump to help you. They already have clients and people they work with. In a hot housing market, as another example, the best plumbers and drywall specialists, the best landscapers, etc. are not going to put off their existing clients to work with you. Thus, networking is so important.

In fact, I would say networking is more than essential. I remember watching a segment on TV with a prominent real estate developer who did a lot of commercial work. He had made a fortune in real estate investment. The journalist asked, “How many contacts do you have in your phone?” Playfully, he asked, “How many contacts do you think I have in my phone?” She said, “Oh, a couple of thousand.” Then he smiled and said he had approximately fifteen thousand contacts.

Networking Events

Networking events for real estate agents or real estate investors can occur locally (especially if you are in a large suburb or midsize city). This might be a happy hour at a local restaurant or some other casual event. Once I got busy, I could not make as many of these events. However, I want to say that we located our real estate attorney at one of these events. Just one significant contact can mean setting you on your path if you are new to the house-flipping business. There are also very large real estate networking events held as conferences.

Chamber of Commerce and Other Professional Organizations

The Chamber of Commerce may offer great networking contacts in the community where you want to work. Not every place has a Chamber of Commerce, but most midsize and larger cities and counties have them. Your local chamber can offer a variety of events from basic monthly networking meetings to luncheons, happy hours, or other social events.

Your local chamber will have all sorts of businesses involved in it, from hair salons to restaurants to law and accounting professionals, as well as real estate people. Network with everyone (because you never know where a contact will lead), but focus on those who can help your house-flipping business—for example, lenders, or brokers or a well-regarded CPA.

Rotary clubs and other business organizations are also good networking opportunities. Rotary clubs are, in a nutshell, professional businesspersons coming together to do humanitarian work (whether local or broader). There are other professional organizations that can offer networking opportunities (and you may do good and have fun while doing so). Some target entrepreneurs. Others might be focused on female business owners and professionals, for example.

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