Updated about 3 years ago on . Most recent reply
New House Flipper in the market
Hello everybody!
My name is Dan and I am new to the Real Estate industry. I have been reading and researching about real estate for a few years now, but never took that first step until now. Even if you are not willing to work with me, maybe a few tips!!
Many thanks!!
Most Popular Reply
Hey Dan, welcome to real estate! I'm an agent and investor out of Bolingbrook IL so not too far from you at all. I'd say these other two hit the nail on the head. Getting into flipping is hard- you need to get very specific about what types of homes you're interested in, what area you want to focus, what extent of a rehab are you comfortable with, and what your budget is for both purchase and rehab. If don't break things down it's extremely easy to get lost and overwhelmed analyzing deals. You need to gain enough market knowledge that when you see a house pop-up on the market in your target neighborhood that you know how much it will sell for once fixed up. When I first started I literally printed a map of my town and wrote ARV's on it for the different models of homes that were located within each neighborhood I was targeting. If you don't know your market that well, you'll spend a LOT of time analyzing deals and probably end up missing out on listings because others beat you to the purchase while you're still looking for comps.
I work with a lot of first time investors- if you have any questions feel free to reach out. I'm always excited to talk real estate!