Real Estate Tips |7 min read

Networking for Flipping Houses 101

It can be overwhelming for even the most seasoned professionals to know how to network for flipping houses. The industry is so wide and vast that there are a thousand directions you could turn for leads. Yet, finding the right connections can be like trying to find a needle in a haystack. Luckily, below there’s valuable intel that will guide you as to who, where, and what you should do to network successfully.

Table of Contents

What is Home Flipping Networking?

Networking is the process of connecting with others in the house-flipping industry to strengthen your flipping opportunities. Examples of this could include bankers, contractors, other investors, and hard money lenders in Maryland. Luckily, these are just some of the examples we will outline in this article. Your network connections can bring you to leads in flipping houses that you otherwise wouldn’t have access to.

What is Real Estate Etiquette?

Networking in real estate necessitates that you behave in a cordial, charismatic, and confident manner. Be as warm and welcoming as possible. In addition, you should channel your inner emotional intelligence and social skills. The following tips might prove useful.

7 Networking Etiquette Tips

  1. Return calls and messages promptly: This signals to potential connections that you are conscientious. It also shows organizational skills and initiative.
  2. At meetings, show up early and stay late: Early arrivals and late departures show your dedication and drive. Your display of motivation shows others how serious your intentions are.
  3. Bring business cards to industry events and get others’ cards: This little addition projects a polished, prepared look to your appearance. A sleek and modern design can give you an air of expertise.
  4. Plan your elevator pitch: Attention spans are short. While you have others’ attention, give them a short, succinct reason to partner with you. Briefly explain your background and expertise in an easy-to-follow, narrative form. Show others what makes you stand out from the pack.
  5. Show investment in others, their interests, and their experiences: Everyone wants to feel heard. When you show interest in other people’s inner lives, they will recognize and reciprocate your efforts.
  6. Jot down notes about other people’s experiences and insights: No matter how great your memory is, it will be hard to retain all the information divulged in your interactions. Writing down these tidbits is an easy solution to combat this issue.
  7. Be helpful to others: People always appreciate a helping hand. For example, if someone has run into a tenant-landlord conflict that stumps them, you could offer your advice on how to productively resolve it. Successful networking is all about maximizing what you both bring to the table.

Who Should You Network with?

It’s critical to find the right groups that can aid you in your house flipping journey. Your efforts in finding the perfect network may require some trial-and-error. However, the following people may speed that process up a bit.

5 People You’ll Want as Contacts 

  1. Real Estate Agents:

Real estate agents have a wealth of knowledge about the house flipping process and can help you throughout it.

You can ask real estate agents for multiple listing services (MLS) access and find homes ready to be sold under their market value. You should ask them for referrals and have them identify and seize your best possible choices in flipping homes. They also can assist you in securing a purchase’s quick close and ROI. In addition, you also may want to turn to them for helpful suggestions about target neighborhoods or properties.

A quick tip: it’s important to know that different real estate agents have different philosophies for their work, and, of course, different personalities. You may be networking with many agents before you find one you mesh with.

  1. Local Contractors:

Real estate agents, fellow investors, and others in your industry can help you find a tried-and-true contractor. When you contact them, nail down their quotes, specializations, and availability. Next, be sure to filter in contractors who are known for their timeliness and reliability. It’s a good idea to contact perhaps four or five to find a suitable fit.

  1. CPAs

Certified Public Accountants (CPAs) can provide invaluable guidance on your potential financial plans. Ideally, you should reach out to them towards the beginning of your home-flipping journey. This way, you can lay out the fiscal outline of your business structure and have that foundation moving forward. They can help you with your business registration, Federal ID, and tax compliance, like a one-stop-shop.

4. Real Estate Attorney

Invest in a real estate attorney once you have your business established and in preparation. Be sure to do your research and look at reviews, both from people you know and those online. Similarly to contractors, you will want to mix and match with various lawyers until you find one that has a proven track record in property use and contracts.

Many real estate attorneys have witnessed many house flippers make mistakes in their time and can guide you on which pitfalls should avoid. This way, you can learn from other peoples’ mistakes instead of your own.

5. Hard Money Lenders:

A trusted hard money provider can fund your project. It’s essential for house flippers on a budget to get the support they need to see their projects through. Fortunately, many short-term loan choices exist that investors can pick, such as private loans, traditional loans, and most significantly, hard money loans.

While your financials still matter with hard money loans, hard money lenders can be more open to people with lower credit scores. They understand that no one is perfect and can give people some leeway. They are open to answering your hard money loan questions and will be with you every step of the way. This can enable you to gain sponsorship for your investment when it might otherwise be out of reach.

How to Build a Real Estate Network

The real estate industry is so saturated that it can be challenging to find the right leads. Unfortunately, it’s easy to encounter leads that aren’t related enough to your interests or needs. If you don’t want to waste your time, it’s optimal to strategize your house flipping networking search before starting. The below places are great options for finding like-minded professionals.

3 Ways to Connect with Real Estate Pros

  1. Conferences: Conferences can grant you access to people who have the same mission as you. You can soak up new skills and socialize with potential business partners, all at the same time. Why not kill two birds with one stone?
  2. Association memberships: Associations not only give you connections—they give you prestige and legitimacy. Furthermore, they may offer resources and services that individuals may otherwise not have access to.
  3. LinkedIn: LinkedIn is a classic, an oldie-but-goodie for networking. We would be amiss to omit this stronghold in the real estate industry. LinkedIn is a prime place where other professionals gather. Because LinkedIn is a global network, you will have thousands of networking connections at your fingertips, all in one place.

Grow Your Networking Skills with MHML

The right house flipping networking connections can open doors for you. They can allow you to discover earning possibilities you might otherwise never have known. If you follow our etiquette tips, go to the right places to meet the right people, and collaborate with those industry professionals, you can be on the path to profit.

Profits can come even faster when you’re networking with hard money lenders. Since you can receive and pay off hard money loans faster than traditional loans, you can move your ROI closer in the future.

Even better, these lenders will consider borrowers with various financial situations, so you may be able to turn to them when other institutions won’t help you. Don’t wait another day to make your house flipping project a reality. Contact us today to make those plans really happen.

Leave a comment:

Your email address will not be published. Required fields are marked *