New real estate investor
Hello BiggerPockets Community. My name is Eric, I'm looking to continue to invest in real estate. I have one rental property I purchased last year using a HELOC to start my investment journey. I think I would like to start using the fix n flip method, but having trouble starting any suggestions on what my next move should be. I'm looking forward to connecting with investor, agents, lenders, property managers. Thank you!
Hi Eric!
Congratulations on your first renal purchase! Happy to connect as a lender!
Hello Eric! Welcome to BP community and best of luck on your real estate investing journey!
Hi Eric! Would be happy to connect as I regularly travel through South Bend
Quote from @Eric Coria:
Hello BiggerPockets Community. My name is Eric, I'm looking to continue to invest in real estate. I have one rental property I purchased last year using a HELOC to start my investment journey. I think I would like to start using the fix n flip method, but having trouble starting any suggestions on what my next move should be. I'm looking forward to connecting with investor, agents, lenders, property managers. Thank you!
Hey Eric! Congrats on your first deal! I’m a broker/owner that’s deals exclusively with investors in South Bend. Happy to chat further.
Congrats, and welcome to the rest of your life (haha)! If you feel confident in running numbers, I would say your first step is to reach out to various wholesalers and get on their distribution list. They will inundate you with opportunities and I would study those deals and work the numbers how you see fit. Do this for a couple months so you can feel confident in your decision when you are ready.
Do you plan on doing the work yourself? Hiring a GC? Start networking with the people who will help get the job done. Your wholesaler will 100% point you in the right direction to get started if you are feeling overwhelmed.
Reach out to a lender who can do Hard Money/Private Money (I can do this if you are having issues finding someone you trust). With this being your first fix and flip, you'll want to ask a lot of questions and truly understand what the Hard Money/Private Money loan looks like.
And probably most importantly, figure out your exit strategy FIRST. Know what you plan on doing with the property before you buy it. The money is made on the purchase, not the sale (believe it or not).
Congratulations on deciding to start your real estate investing journey! Wishing you best of luck.
Don't beat yourself up. It is a challenging environment right now across of sector of real estate. Good deals are scarce, labor and materials are expensive, competition is high. Not being pessimistic, just preparing you.
In the beginning, I strongly suggest networking as much as you can. You are making the right moves by joining this community and putting yourself out there. Get to know your local real estate agents, contractors, property managers and other people who do or have done flips. You can't beat a face to face meeting.
Also, make sure that you are stable financially. Be prepared 6-12 months of expenses saved. I always like to say in the beginning try and mitigate your risk as much as possible. If you can do a JV with another mor experienced investor, I would look into that. You will get the experience, guidance, and minimize your risk. Then once you feel ready jump into your solo deal.
There's really no right answer to how to do it. But be prepared, do your research, and network!
Thank you for the suggestion and advice looking forward to connect with you all.
Hi Eric,
I am happy to connect with you!