Upstate NY Flipping 101

[Tolga H.]

Hello all,

I am looking forward to starting my first flipping project. I am currently located in Central NY (upstate) near Syracuse. I allocated a 140K budget for my first flipping project. My first question is: Which area around me do you think has the best potential for flipping?  I am looking for a place within a 5 hour driving distance. (the closer the better) 

And secondly, what general advice would you give as this is going to be my first flip? What should I look for as a beginner and how can I expand my chances of success? Any advice is much appreciated. Thank you very much! 

[Timothy Maloney]

@Tolga H.

We've funded 100's of flips (many in Syracuse) and all of our successful flippers share a few common traits:

1.  They buy right.   As @Robert Zaccaria points out above don't use aggressive ARV's to support an incorrect buy price. You will win/lose money on your flip when you buy it.

2.  They are fast.   In this market 1-2 months should be your goal as homes are still selling in under a week.    Expect that to possibly slow down this fall.

3.  The rehab fits the house.    If you are buying tile at $39/foot for a 90k property in Mattydale you are over-rehabbing.    

4.  Be very critical of your design choices.    If you don't know what is popular (or what is hot) be careful.   Incorrect materials/colors can cost you thousands.    

5.  Act fast - That property you are contemplating today will be sold tomorrow.    

6.  Ask for thousands more than your realtor suggests (withing reason).    Our flippers have enjoyed day 1 full price offers and/or bidding wars for the past 3-6 months.

7.  Do as much of the work yourself as possible.    Paying a professional painter/demo/landscaper to work on a 90k property may not give you the return necessary to justify the added expense.

There are 100 more tips but those are what I see our most successful flippers doing.    

Good luck!