Finding homes to flip

[Alyshan T.]

Hi Everyone!

I am in the very early stages of real estate investment. I am ready for financial freedom and real estate is the route I'd like to take. After taking in a wealth of knowledge from many webinars and blogs from Bigger Pockets I feel that rehab and flipping homes is the investment route that would be most beneficial for me. However, I don't really know where to start and need some advice. I live in Knoxville, TN and I have a hard time finding homes that would yield a return that is worth it. Most homes that I'm finding are either too expensive or dirt cheap but in distressed areas and I'm concerned they may not sale just because it's a rougher neighborhood. If there is anyone in Knoxville that may have some guidance I'd truly appreciate the help. If anyone else outside of Knoxville has any great advice on those first steps I am all ears. Thanks in advance!

[Mark Gallagher]

@Alyshan T.

Not to multiple homes, no. One or two, sure. But you have to remember the contractor doesn't get paid to run around to houses that your *might* buy and *might* hire them to renovate. I always recommend offering compensation to a contractor for their time. So to bring them to two houses and evaluate it, you might offer them $100. This way they'll give you their full attention and honest opinions without worrying too much if they're getting the work. Eventually, you'll know what repairs are needed. Try to find newer homes in newer developments, those are the easiest typically.