I am 18 years old, and I am going to make about 100k this year

Manchester, New Hampshire
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I am 18 years old, and I am going to make about 100k this year

Matthew Marino
Member since 2022 · 1 post · 0 votes

I own a painting company and I want to start flipping houses in southern NH. Anyone have any tips or words of advice? I have availability to loans with very low interest so my main focus will be short term flips. I want to scale as large as possible in the shortest period of time possible and I want to make a lot of money. Where should I start?

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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y
Quote from @Matthew Marino:

I own a painting company and I want to start flipping houses in southern NH. Anyone have any tips or words of advice? I have availability to loans with very low interest so my main focus will be short term flips. I want to scale as large as possible in the shortest period of time possible and I want to make a lot of money. Where should I start?


Be careful. We're in a peak market and real estate prices are already dropping. I anticipate they will continue to drop for the next year or more, and some markets may see dramatic price reductions. If you don't account for that in your planning, you may be left holding the bag.

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Matthew Marino:

    I own a painting company and I want to start flipping houses in southern NH. Anyone have any tips or words of advice? I have availability to loans with very low interest so my main focus will be short term flips. I want to scale as large as possible in the shortest period of time possible and I want to make a lot of money. Where should I start?


    Be careful. We're in a peak market and real estate prices are already dropping. I anticipate they will continue to drop for the next year or more, and some markets may see dramatic price reductions. If you don't account for that in your planning, you may be left holding the bag.

    The DIY Landlord Book4.7247 Reviews
    WebsiteView Page
    5Reply
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    4y

    I agree with Nathan that now many not be the best time to flip houses, especially if you are new at it.

    0Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y

    What they said^^^^... And being a Painting Contractor will not give you all the skills you'll need to do a good, quick, quality flip. What other construction skills do you have? Remember even though this is a flip, you want great quality in your finished product, that is what will move that house along and get you top $$.

    But yeah, I wouldn't buy squat right now unless you find a complete piece of crap that no one else wants and it is already a steal...even then I'd wait, prices will be heading straight downhill soon.....

    Real estate is not really all location, location, location....it's actually all timing, timing, timing.....

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  • Andrew Street
    Member since 2019 · 1k+ posts · 292 votes
    4y

    Here's the truth after reading the other replies; if your calculations work, then go for it. It's not a timing thing, if it was it'd be a lot like gambling. To @Nathan Gesner point, make sure you are making conservative efforts and plan for the worse. But don't allow yourself to be shut down because of what the market may or may not do. There are only ever, opportunities. If the numbers work at a conservative level, then great. If not, then don't buy. Build a team of experts around yourself. Audit them and make sure this is the team that'll make the numbers you have planned work. More than happy to connect if you'd like to talk further. If you listen to the podcast, people are even telling you that there's opportunities in the market right now because of how it has softened. So do not be discouraged.

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  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y
    Quote from @Andrew Street:

    It's not a timing thing, if it was it'd be a lot like gambling. 

    Ahh, you must be new (er) to the game. There is no bigger game of chance than REI..... :-)


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  • Andrew Street
    Member since 2019 · 1k+ posts · 292 votes
    4y

    @Bruce Woodruff Nothing against you, but it's not a game of chance. There are pieces that can and will make you lose, however there are proven strategies used to find success. In every part of the economic cycle, investors are finding ways to make their investments work. Finding a property, where you could implement multiple different strategies and have backup plans is the smart way to invest. There are no promises, but it's lackluster at best to give the advice "just wait for the right time", "You're new to this, so don't do it", "there's no bigger game of chance", etc. There's chance with everything we do, but you can't allow this to be what hinders you from finding the next deal and to perform your due diligence.

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  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y
    Quote from @Andrew Street:

    There's chance with everything we do, but you can't allow this to be what hinders you from finding the next deal and to perform your due diligence.


    I certainly agree with that. You're missing my bigger point though. Oh well, no big deal....

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  • Ruchit Patel
    Bay area, CA · Member since 2021 · 383 posts · 306 votes
    4y

    Great to see you doing so great at an early age. If you are completely new, would you like to wet your toes by buying cash-flowing properties first? Have you thought about that?

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  • January Johnson
    Real Estate Agent · Emerald Coast, FL · Member since 2016 · 820 posts · 486 votes
    3y

    If you are self-employed, look into setting up a Solo 401K. You can bank a TON of money for retirement (way more than a Roth IRA), and you can use it to invest in real estate. I'm no financial advisor, but I have done this myself. @Dmitriy Fomichenko was a great help to me in setting up mine.  You can also loan yourself money from it for certain purposes.  

    1Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    3y
    Quote from @Matthew Marino:

    I own a painting company and I want to start flipping houses in southern NH. Anyone have any tips or words of advice? I have availability to loans with very low interest so my main focus will be short term flips. I want to scale as large as possible in the shortest period of time possible and I want to make a lot of money. Where should I start?


     When I flip a property I always try to make sure it would still make sense for me to keep the property worst-case scenario. I always make sure the numbers make sense and always plan for the worst to happen. Just this week my property got broken into not once, not twice, but three times... They ripped out the electricity and stole the wiring. So make sure you hope for the best but plan for the worst. 

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  • Brett Deas
    CO · Member since 2022 · 588 posts · 426 votes
    3y

    Don't over-leverage yourself. I understand making lots of money young (I made 6 figs at 18 being an agent) it feels like you are a genius in what you do. But there are always things all of us overlook, especially me, and it's very important to build in extra buffers even when you don't think you need them. 

    1Reply
  • Paul Lovely
    Investor · Concord, NH · Member since 2016 · 9 posts · 5 votes
    3y

    Hey Matthew, I'm a fairly new investor in Concord, NH (26 years old). I currently am house hacking a duplex in Concord I bought 3 years ago and also have about 100k in a HELOC. My plan is to BRRRR and potentially flip depending on the end result. I would attend the NHREIA meetings to network and connect with agents & wholesalers to start building a deal flow to give you some properties to analyze. Underwrite your deals conservatively and be patient. I would calculate rehab costs based on outsourcing everything to give you as much flexibility, and get itemized bids from contractors so you know exactly what you're paying for. Also, pay contractors in installments based on the work they've completed, and if you have a great contractor treat them well and pay them quickly. There are some great tips in the BRRRR book and the Book on Flipping Houses. I have yet to do a BRRRR/Flip, but this is how I will be approaching things.

    1Reply
  • Account Closed
    Investor · Denver, CO · Member since 2022 · 184 posts · 78 votes
    3y

    If you want to make a lot in a short amount of time I'd gear you more towards stocks. 

    0Reply
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