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Flipping Houses: Turning a Wreck into a Gem


About Me

Flipping Houses: Turning a Wreck into a Gem

Five years ago, I decided to start my own side business. Along with keeping my job as a construction worker, I decided to use my savings to purchase an older residence. The plan was to fix up the place and then sell it at a profit. It didn't take me long to figure out that while my side business would take up most of my free time, it would make me a lot of money. Today, I still flip three or four houses a year. My strategy developed through trial and error, and I've learned how to evaluate the potential of a property first, then buy second. I know what must be done in the way of exterior painting, making the place secure, and ultimately finding the right buyer. If you are thinking about trying this kind of sideline, read on. What I've learned will help you a lot.

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4 Things To Keep In Mind When Starting A Roofing Company

So you left your previous workplace as a roofer and decided to go on a different path as a businessperson. Easily enough, you know that starting your own roofing company is a good place to start.

"I know a lot about roofing," you think to yourself, "and I would avoid the mistakes my old employer made."

Though knowledge on the roofing trade will serve you well, you must remember you are now becoming a businessperson. To ensure you start your new business off on the right track, keep your business in mind.

Focus mainly on your business

Whether you love roofing or not, you are starting a business to make money. Your new job is to ensure the growth and success for your new company! You won't be able to perform well if you spend all of your time out on the job as a roofer.

Businesses require nurture and care, and you provide that to your business by keeping up with advertising, finding and maintaining clients, investing into your company with new tools and resources, and updating the services you offer from time to time.

You are not a one-person show.

Understandably, at first you might not have the finances needed to hire a top-notch team of accountants, lawyers, roofers, secretaries, managers, and so on.

But, eventually you will need to hire more help. As your business grows and you gain more clients, you will not be able to do everything yourself. Learn to hand off responsibilities to your trusted employees, and learn when it's time to bring more people onto your team.

You have more bills to pay.

Businesses are expensive to create, and but maintaining them costs money, too. There's insurance, bonds, utilities, payroll, and different types of taxes at every government level, depending on where your business is located.

If you don't have the funds for an accountant or bookkeeper, you will need to create an organized record-keeping system on your own. Many small business record-keeping systems exist to help new business owners like yourself, and they are more affordable.

You are responsible for everything now.

Besides the operations you must oversee, you are also responsible for your employees and your clients' satisfaction. When one of your roofers falls off the second story, or one of your clients complains you installed the wrong roofing material, it all goes back to you. Scenarios like these are the reasons you need insurance, but beyond that you should have what-if-plans. Learn how you should respond, and know what not to say as well.