256: Don't Make These Mistakes With Your Contractors (Lessons Learned)

House flippers, listen up… we need to talk about contractors.

It’s not enough to just find a “good” contractor to handle your flip projects. You also need to know how to build an effective, long-term working relationship with that contractor… and this requires setting expectations correctly, managing your renovations, running the numbers the right way, and more.

In this episode, Mike Simmons shares the lessons he’s learned from working with many different contractors on countless flips over the years… so you can learn from his mistakes.

We’re digging into stuff like…

• How Mike has his contractors bid projects (this might surprise you)…
• Why he has multiple contractors come to his houses at the same time…
• How his business almost collapsed overnight due to cutting ties with 1 contractor…
• The contractor ads he puts on Craigslist…
• Why he creates scopes of work BEFORE the contractors show up…
• The questions he asks when contractors apply to bid his jobs (his Google form)…
• What a “release of lien” is and why you need them with subs…
• How he incentivizes contractors to finish ahead of schedule…
• Some of the major “gotchas” and tactical mistakes flippers make…
• Why it’s important to “control the ARV” of the houses you flip…
• How he “accidentally” got into wholesaling…
• How to grow and scale your real estate investing company…

…and more.

It’s been awhile since we’ve caught up with Mike Simmons. Mike is an incredible real estate investor with a background in both flipping and wholesaling. He’s a mentor, a coach, and a good friend.

And these days, he’s also an author.

Mike’s new book “Level Jumping” is flying off the shelves. (Does Amazon have shelves? Hmm…) The book is all about how to break out of the cycle of “I can’t grow until a hire a team, but I can’t hire a team until I grow.” There’s a saying… “You don’t know what you don’t know.” This book will answer the questions about flipping and wholesaling houses that you DON’T KNOW TO ASK.

You can get it on Amazon (click here), or you can get a FREE digital copy by texting the words “Just Start” to 55444.

Oh, and a quick note about Amazon… whenever you’re shopping on Amazon, go to smile.amazon.com and do your shopping there. Same exact site, but a portion of your purchases will go to the charity of your choice. Pretty cool! Catch you on the flip side!