Before you buy your first flip property it's important to create a business plan to map-out the future of your business, develop a course of action, and create quantifiable goals for your business. Download a comprehensive 14-page Business Plan Template that can be used to help you plan your House Flipping Business
Have your Contractor fill-out a Contractor Prequalification Form to gather information about the Contractor's Experience, References, Licenses, Insurance & Legal Issues to help weed-out the good Contractors from the Bad Contractors.
An Independent Contractor Agreement is a critical document that you need if you are going to be hiring Contractors or Subcontractors to work on your Projects. The Independent Contractor Agreement outlines the terms, obligations and responsibilities of both parties to the Contract.
If you don't tell your Contractor exactly what work needs to be included in their Bid Proposal, it leaves too much room for interpretation which can result in Charge Orders, conflicts and disagreements. To avoid these issues, it's important to have a strong SOW Document to ensure that you and your Contractor are on the same page before you start Construction.
A Payment Schedule outlines the Payment Milestones, Amounts & Payment Terms which describe the work that needs to be completed in order for the Contractor to get paid, how much the Contractor gets paid, and when the Contractor gets paid.
The Materials Responsibility List designates who's responsible for the materials for each scope of work on your project, which helps eliminate confusion and potentially disputes that may arise on the project.
