Why You Should Partner Up to Fix and Flip Houses
Since 2009 Manny Romero, my business partner, and I have fixed and flipped more than 100 houses in Phoenix, Arizona and Milwaukee, Wisconsin.
Our partnership began out of necessity. At the time I was working for a local real estate investor in Phoenix who was buying houses at the courthouse steps (known as trustee’s sales in Arizona).
Manny was on the road, a traveling salesman of sorts.
Both of us had lost our ASS-ets during the 2008 housing market crash. Needless to say, we were struggling personally and financially.
Fortunately, Manny had raised some money to do real estate. However, he was having trouble finding any profitable opportunities. And me, because of what I’d learned from my investor friend I knew how to find deals, and get them fixed up quickly, but had no cash.
That, in a nutshell, was how our business was born. After meeting through a real estate investment group we decided to combine our resources and get in the fix and flip game.
Occasionally I’m asked, “Why do you still have a business partner?”
Well, it’s because because we have complimentary skills and similar financial goals.
More importantly, the thing I love to do the most (find and analyze deals) is the thing he finds to be the most tedious and difficult. And the part of our business I can’t stand (managing the rehabs) is what he finds to be the most rewarding.
That’s a recipe for a perfect business marriage.
You don’t have to have a partner to fix and flip houses, or start any other business. It all depends on your resources, and personality. For Manny and I it works because we have complimentary skills.
If you’re thinking about fixing and flipping houses but lack the resources required to get started (money, rehab knowledge, market expertise) then partnering up may be the right move to start your business, or put your existing business into overdrive.
In my last post, 5 Simple Steps to Finish Your Fix and Flip Project Fast, I explained how we get our rehabs done quickly. I also shared a video from our central Phoenix rehab.
Because of Manny’s excellent contractor management skills we got the exterior stucco and interior drywall done in less than a week.
Check out the video…
In my next post I’ll explain how we keep our rehab projects on schedule and budget, and give you another update from our central Phoenix project.