Week 44 Taking It To The Close

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Real estate investors know the deal is only over once it’s over. Until everyone involved gets their money, the contract is never closed. In this business, closing a deal can be as soon as the house is sold or can take as long as when your next deal starts. Doing this faster means not just trust in your team, but also forming good working relationships with contractors.

How do you do both?

Today, Don and Ryan explain how to properly manage a deal during its closing phase. They share the various processes they manage in their business as well as their criteria for private money lenders. They discuss how to establish trust in your team as well as the importance of being “hands off.” They also describe some of the benefits of having a good relationship with your contractor as well as some of the long-term drawbacks of having a bad first impression.

“If you're getting in the way and bottlenecking your team, you're doing everybody a disservice.” - Don Costa

This Week on FlipTalk’s Rookie PlayBook:

  • The processes they micromanage when wholesaling and when rehabbing.
  • How they choose who to get private money.
  • When not to use private money.
  • The number of people they employ per location and the number of projects contractors can do at one time.
  • Why you should let your team manage themselves.
  • Why investors are tough to work with relative to those in construction.
  • Establishing good working relationships with your contractors.
  • What change orders are and how contractors can use them against you.
  • Their experience with bad contractors and the lessons they learned.

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