Advice on My Approach is Appreciated!

[Cameron Goodall]

Hey BP Community! 

I'm in the Charlotte NC area, and I've been looking to get into my first property. In the beginning, I wanted the classic small multi family house hack, but have quickly found that that's not feasible with my situation -- they're very expensive and of the few available, they're far from penciling and cashflowing. 

I've adjusted my approach now to search for a SFH with the intent of 'live-in flip' for the first year. After that, I'd refinance and either rent it out or sell/1031 to get into my next property after that that will hopefully cashflow, or I'd rinse and repeat since I have one small rehab under my belt at that point.

I've spent a lot of time researching rental properties and was comfortable with that strategy, but since nothing pencils and I'm pivoting a bit at least to get started, I feel like I'm starting over before I even began. 

Do you have any resource recommendations to learn how to estimate repair costs on a house? How to estimate ARV? Anything to learn more on this strategy?

Also, any advice or tips you have would be greatly appreciated -- I'm eager to learn and finally start taking action!

[Tanner Lewis]

Quote from @Cameron Goodall:

Hey BP Community! 

I'm in the Charlotte NC area, and I've been looking to get into my first property. In the beginning, I wanted the classic small multi family house hack, but have quickly found that that's not feasible with my situation -- they're very expensive and of the few available, they're far from penciling and cashflowing. 

I've adjusted my approach now to search for a SFH with the intent of 'live-in flip' for the first year. After that, I'd refinance and either rent it out or sell/1031 to get into my next property after that that will hopefully cashflow, or I'd rinse and repeat since I have one small rehab under my belt at that point.

I've spent a lot of time researching rental properties and was comfortable with that strategy, but since nothing pencils and I'm pivoting a bit at least to get started, I feel like I'm starting over before I even began. 

Do you have any resource recommendations to learn how to estimate repair costs on a house? How to estimate ARV? Anything to learn more on this strategy?

Also, any advice or tips you have would be greatly appreciated -- I'm eager to learn and finally start taking action!

 J Scott wrote two books: one on flipping and one on estimating repair costs. I suggest you read them both. Additionally, when looking at comps, try to get at least three sold within five miles in the last six months. There should be no active listings or deals under contract. Also, aim to get similar bed bath count and square footage and make adjustments if necessary. You can take a more in-depth approach, but this is how I prescreen deals as a lender.