New to Wholesaling and Flipping

[Heath Watson]

Im located South of St Louis. Ive never done anything like this but decided to do some investigating on a home in my area that has been empty. The owner lives out of state and is ready to sell. Similar homes comp for about 160 completely fixed up. Im hoping to get under contract for 55k and possibly either just wholesale the property or maybe find a partner to flip it with. Just looking for some information since im trying to get my foot in the door of real estate and kind of new to some of this. The home needs updated from roof to hvac but it a nice split level with garage on a corner lot. 

Thanks, Heath

[Dion Hickles]

Hi Heath, you have a good start. First is getting control of a property that has potential. You want to stay away from properties that have structural issues, water damage or fire damage. Everything else can be fixed with a reputable licensed contractor. When researching a contractor, be sure you get a contractor that has written/public reviews from customers they have worked with before. The key here is to build a good relationship with this contractor so that you can replicate your strategy and fine tune it down the line. Also, be sure you are taking daily photos and creating reports of what happened as construction progresses and which trade was there and when. These reports are beneficial later down the line as you'll want a record to look back on should there be any issues that need to be worked out.