Am I on the right track?

[Sparkle Carlock]

Hi BP Family.!

I am fairly new to REI still (6 months in) and have not found my first fix/flip deal just yet. I'd like to hear from some investors that are thriving and willing to tell me if I am taking the right steps and in the right mind frame to prepare for that deal when it presents.

This is where I am at thus far:

I've done research after research - selected an area of markets I'd like to invest in - acquired a realtor agent who knows the markets - acquired a hard money lender (75% LTV rate) - selected a potentially reliable GC - finally went to first REI meetup - currently finishing my LLC formation. From here, my next thoughts are to open a business bank/credit account - continue searching for property to flip - when found, get approval from HML and close on property - then use business credit to purchase materials/fund GCs to start the rehab - Then use *hopefully* minimal number of draws from HML to pay back credit on business account with HML. 

To me: this all seems a little random but I'd greatly appreciate any type of advice on my steps above as I am new to this world with an abundance of desire to succeed in REI to gain financial freedom within the next 3-5 years.

Thank you in advance for you words of encouragement and mentorship ;-)

[Scott E.]

What you've outlined is exactly what you should be doing. And you have the timeline and flow all dialed in as well.

My lender will advance funds to me to pay my GC or for materials. So I get to skip the step of using my own capital or a business credit for this. Perhaps you can find a lender who operates similarly.

Remember that finding the deal is always the hardest part. I've been in the business ~12 years now and finding the deal is still the hardest part. So be patient and keep searching, a deal will come.

Best of luck.