Looking to Buy My First "Quick Flip"

[Brittaney Woods]

I have some private money available and the "lenders" are requiring that I find a quick flip (or several) to raise some capital so that I can get into buy & holds.

I really don't know where to look.....I usually count on Craigslist but in Miami it seems that everything on there is already being flipped or "wholesold" and is above market value.

Should I market the same way I would as a wholesaler? Should I buy from wholesalers if the spread is large enough? Should I use a realtor? If I buy something to flip do I NEED to repair it first? Is it better that I repair it first?

I'm just feeling kind of lost because I'm so used to just wholesaling....any advice is greatly appreciated.

[Lucas Machado]

@Brittaney Woods - Some good questions...

"Should I market the same way I would as a wholesaler?" - Sure, why not? But this takes time and you need to do it consistently, so patience and persistence is a virtue.

"Should I buy from wholesalers if the spread is large enough?" - If you are planning to renovate it, and the numbers work, sure. If there's enough meat on the bone, and it's the best lead you've got, why not? If you don't intend to repair it, I wouldn't suggest buying it from them to wholesale it to someone else - it's unlikely there would be enough spread left for the person you'd be trying to sell it to. But, every deal is different. 

"Should I use a realtor?" - If you don't have access to the MLS, working with an agent is going to be the best way to work the listed deals...And if you establish a good relationship with them, they may be willing to run comps for you for off market leads that you find elsewhere as well.

"If I buy something to flip do I NEED to repair it first? Is it better that I repair it first?" - Like @Account Closed said, if you are trying to sell it to someone who is going to live in it, you might need to repair it...Depends on what condition it's in...If you get a deal that needs work, and has enough meat on the bone for you and an investor to make some money if you just wholesale it to them and they do the repairs themselves, then you don't have to repair it.

Like I said, every deal is different....I'd worry about finding a good deal first, then you figure out what to do with it...And if at that point you are completely lost, I'm sure you can find someone to partner with who knows what they are doing. You'll make some money, and learn along the way. I'm doing that right now with a couple newer wholesalers.