Intro / Questions

[Steve K]

Hi all – sort of an intro and my own getting started plan. I apologize for the length

I’m looking to get into the rehab and flip business and was hoping some of you could point me in the right direction and let me know if my expectations are realistic or completely out of whack. My first year goal is to flip 5-7 houses with and end up with a net profit of $100k or greater. Does this seem overly or ( under ) ambitious?

I have about $100k cash I can dedicate to this to start and I could take another $150-200k line against a paid off rental that I have, although I’d like to develop a relationship with a hard money lender for scalability purposes.

I’m a general contractor who has realized that the only time I’ve had a lot of fun as a contractor was when I was developing my own subdivisions and building specs. Once a customer became involved my fun ( and profitability factors ) decreased significantly. The past few years have really magnified that so I’ve decided I would like to only work on my own terms and ideally on my own investments.

I’m located in Orlando which from what I’ve read here seems to be a cesspool although it also appears to have a lot of activity and presumably a lot of competition.

It seems like unless you have access to an asset manager then you just need to move quickly on REO properties with few or no contingencies to get deals that pencil out to profitable rehabs? Any other gems on where to find some good purchases?

Forgot to add that I'm getting my real estate license so I can get my own access to MLS for listing and recon purposes.
If anyone has any suggestions to help me hone my plan I’m all ears. Thanks in advance.