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Updated about 3 years ago on . Most recent reply
Beginner in the game
Hi Everyone,
My name is Jovani.
I'm new to the game and would really appreciate some feedback. I have always wanted to get into investing but, I had no idea where to start. The fire has been lit and I truly want to give this 100%. I live in Las Vegas, NV. The market here has been hot. Average sale prices continue to break. My goal is to do 1 flip in 2022. I know finding a deal won't be easy, but also not impossible. These are the things I have been working on so far.
Reading: I have read The Book on Flipping Houses by J. Scott. Estimating Rehab Costs by J. Scott. and How to Invest in Real Estate by Joshua Dorkin and Brandon Turner.
Analyzing: I am fortunate to have access to the MLS. Every day I try to find a possible flip on there and run the numbers with the bigger pockets calculator. For the moment, this is to get me comfortable looking at properties and comps in the area to see if numbers would work.
Partners/Purchase: I have talked to most of my family and close friends that in some way contribute to the purchase and rehab of a property. The only financing I have thought of would be a conventional loan or hard money loan.
My plan:
I have two different automated MLS searches being sent to my email. 1. REO and 2. potential distressed properties with key words (potential, all cash, TLC, handyman, fixer upper, and will not qualify for FHA)
I will continue to look at what is new and run the numbers on bigger pockets. If something seems right I would go look at the property to get a better idea on what the rehab would be.
I understand that many flippers find deals that are off the market. My plan for this is to send hand written letters to houses that need improvement, and also homes that have been given a NOTICE OF DEFAULT. I just got my first email from a title company with a list of all the notice of defaults from December.
A year ago I wouldn't have known where to start. Thank you for taking the time to read this over. I really do appreciate it. Any feedback would be great. I would also like to know about any other books to read.
Most Popular Reply
Flips are fairly complicated (permits, contractors, etc on top of the normal real estate stuff), but not impossible. If you're getting started, I would recommend making sure you have a solid team of contractors scoped out since they can make or break your deal.
Any reason you prefer flips over other strategies?