Wholesaling/Flipping

Wholesaling/Flipping

Sugar Hill, GA · Member since 2016 · 8 posts · 1 vote

Good morning...I'm brand new and looking to start my real estate investing career.  I've been listening to the podcasts and I've been trying to figure out what method would be best suited for me to begin with given my situation.  I am currently trying to build my accounting practice with partners, but am not passionate about that business.  My short-term goal (1-2 years) is to earn enough through real-estate investing so that my wife can quit her job and then my next goal would be to replace my current income so that I can sell my part of the practice and focus full-time on real estate.  Looking at 3-5 years for that one.  I want to create a stream of passive income through a rental portfolio, starting out with small houses to figure it out and then transition into multi-family as time progresses.  I also want the chunks of income that flips generate so that I can build up a cash reserve to self-fund my deals at some point.  

Current financial situation is that we don't have any reserves to spare for investing.  No credit cards to be able to draw from either.  That's part of the reason why I want to start to create multiple streams of income for the family....I'm tired of never having any extra.  I've got two kids (15, 17) and as you guys know those ages are pretty expensive and only getting worse.  I need to create more income for the household to help with the stress that is coming that goes with that.  

So, where to get started....that is the question.  I've got a great contact with a hard money lender so if I wanted to do flips I guess I could start with that.  I've thought about just trying to start out as a wholesaler, but it seems like finding the deals for wholesaling are pretty difficult.  I wouldn't mind hooking up with a flipper in my area and having them give me search criteria that they want and me doing the leg work on finding them.  Maybe I should just try and find wholesalers in my area and get properties from them and use my hard money lender contact to start out doing a flip?  Not sure.

Any direction/advice would be greatly appreciated.  Looking forward to this new adventure.  

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  • Investor · Kent, WA · Member since 2015 · 624 posts · 274 votes
    9y

    I caution you against flipping if you don't have any reserves (cash or credit), especially for your first flip. You've never done this before and things can go wrong... unexpected stuff WILL come up. 
    This business is about relationships. Continue to build and nurture those. You could JV or partner with someone on your first deal, leverage somebody else's money and experience.
    Are there successful wholesalers in your area? Somebody is finding deals. Connect with them and learn from them.

  • Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    9y

    Hey man glad to hear you're now focusing on achieving financial freedom for you and your family!

    You definitely came to the right place. There are plenty of wholesalers to network with who will assist you on your journey.

    Start by buying a book or two on the subject and learning as much as you can.

  • Sugar Hill, GA · Member since 2016 · 8 posts · 1 vote
    9y
    Originally posted by @Ruth Bayang:

    Are there successful wholesalers in your area? Somebody is finding deals. Connect with them and learn from them.

    I'm sure there are, but not sure how to find them.  I guess my first step should be to find a local investment group and start attending those meetings and network like you said.  That seems to be kind of a recurring theme on the podcasts. 

    Thanks! 

  • Sugar Hill, GA · Member since 2016 · 8 posts · 1 vote
    9y

    Also, are there any threads on BP sorted by area?  Still trying to learn my way around the site...

  • Investor · Kent, WA · Member since 2015 · 624 posts · 274 votes
    9y

    Yes there are. Go to Community -> Forum Categories, then scroll down and look for your state. Every state is broken down by region.

    Happy networking!

  • Sugar Hill, GA · Member since 2016 · 8 posts · 1 vote
    9y

    Awesome!  Thank you so much.

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