How to Know When To Expand Your Fix n Flip Team
As you expand the number of fix n flips you complete in a year, you may need to consider hiring someone to help manage all of the details of your business. Check out these ways to know when to expand your fix n flip team:
Income and Expense Management
As you expand your fix n flip business, you may be receiving more invoices than you can keep up with as well as needing to keep track of all your income and expenses. Hiring help may be just the ticket. In order to be successful, it’s vital that know what’s coming in and pay your bills on time. Of course this will keep you in good standing with those who are working for you or from whom you are purchasing supplies. It will also build a solid reputation of being a faithful customer, which can garner discounts in the future.
The more projects you have in the works, the more there is to manage. Keeping track of permits, supplies, and who is doing what can all become overwhelming. If projects aren’t managed well, accidents are likely, as well as delays and costly errors. Having someone helping you manage all of these items can mean smoother projects completed in less time, costing you less money.
The potential to be successful at fix n flips is an exciting opportunity. Without proper help, however, you may need to be so focused on your current projects that you won’t have time to investigate more fix n flip properties. Acquiring properties takes time to investigation price, location, value, and potential ROI. Having someone manage the details with you can free you up to expand your business even further.
Examining these areas of your business to see where you stand will help you know when to expand your fix n flip team. Contact us at Davis Commercial Finance to learn more about becoming a successful investor.