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Most aspiring house flippers never get started because they lack a clear blueprint for success. This episode breaks down one critical aspect of the house flipping process: when to follow and when to break the common "three bids" rule for hiring contractors.
• The three-bid rule helps compare prices, avoid getting ripped off, and keep contractors honest
• Follow the rule when in new markets, for big-ticket items like roofs and HVAC, and for volume trades like flooring
• The goal isn't finding the cheapest bid but spotting outliers and confirming the average price
• Break the rule when you have trusted pros, when time is critical, or for simple scope jobs
• Standardize your scope in writing and send identical versions to all contractors
• Pay attention to who shows up and follows up—this predicts their actual performance
If today's episode helped you move one step closer to your first or next deal, follow us wherever you get your podcasts so you never miss a show. I'm grateful to be part of your journey. Now get out there and get cracking!
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