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Updated almost 7 years ago on . Most recent reply
Upstate NY Flipping 101
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!
Most Popular Reply

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!