There are few in the industry with more experience in flipping residential properties than Nicki Zvik. Having done this countless times, it's no surprise he is often sought out for his advice. Specifically, he was recently quoted in an article discussing the best ways to create a set system to ensure repeated success in flipping real estate.
When asked about the importance of monitoring the details of any project, Zvik explained, "I've seen everything in this business so nothing shocks me anymore. I generally assume that contractors will try to cut every corner possible to save money. It's natural. You have to make sure to examine every part of the job at every stage of the job. Also, the most important piece of advice I can give is to never pay the entire balance of the job until it is 100% complete. Always make sure to withhold at least as much as it would cost to have somebody else finish the job."
This advice was part of a large article Realty Times outlining the steps anyone should take In order to stay focused and disciplined when flipping a property, by creating a set system based on what is currently working. Investors should stick to the same group of contractors, same real estate agents, same property managers and anyone else who contributed to the success of the first project.
The article goes on to explain that no one should stay static but more so, to carefully expand their expertise by learning from others and optimizing the processes. Future return on investments should continue to yield the same or better numbers as more experience is gained. Learn from others doing similar projects to see what their returns look like to make sure you are meeting or exceeding those same numbers.
It is also very important to be teachable, so that when something isn't working, you need to adapt and quickly learn why. You need to stay on top of every aspect of the project as the longer something sits broken, the greater the long-term effect on your bottom-line. Take advice and learn from it, but act quickly.
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