I Want to be a Flipper when I grow up!

[Scott Prock]

It's been three months since my first post and I have a better understanding on what I would like to focus on. 

I was leaning towards wholesaling at first, but I understand in order to do it right will require more up front money than I have at this stage. I like the idea of buy and hold for long term investing, but I've decided that will fit into my strategies later.

I have always liked the idea of house flipping, I like watching the shows on HGTV etc. but I understand that's not a true representation of the industry. My main reason for choosing flips is I LOVE the idea of taking something that is either run down, or outdated and giving it new life.

My struggle now is how and where to get started. The Boise, ID market seems to be a tough beginner market, but that's only on the surface after looking through Zillow, Craigslist etc. I'm sure there's a flipper market here, but I'll have to seek out those who are already doing it.

Which comes to my thoughts for my first direction. I need to find a mentor (famous words of every newbie right!?!?!) I understand I need to bring something to the table, and figure I have one of two options. Maybe I can do both. I could find deals as a bird dog and/or provide graphic/web design in exchange for being shown the ropes. I have a graphic design degree and will be happy to provide samples of my work to anyone who would be interested in working with me.

I have been wanting to run through the deal analysis parts in order to start developing that skill. My hurdle at this time is not knowing how to properly gage the costs of the rehab. I thought I could just start plugging in numbers from listings I find online as a way to practice, but I'm wondering if that would be a wise use of time, or will it throw me off since most of what I find online will be market listings that are priced too high.

Also, does anyone know if there are local Boise meetups on the weekends? My day job schedule prevents me from attending 99% of the meetings during the week.

Appreciate any feedback ... Scott

[Lee G.]

So I'm going to be the negative nelly here. So many guys start off saying they want to flip homes without knowing what that really entails. Flipping is a real job. You should have real familiarity with construction. Do you have a construction background? Were you planning on doing the work yourself or do you have a team of subcontractors that you know and can trust? Even the biggest builders in town are struggling to retain their subs. You need to understand project management so you can deliver your project on time. You need to have an eye for home design and be able to do it quickly. Spending a day picking out tile and then changing your mind will kill your project. Same goes if you cut into a load bearing wall to move a room and realize you need to spend a grand on a huge beam. And in today's market, you need to be a marketing pro. We are at record low inventory levels so you'll need to find a deal before it hits the MLS.

I applaud your desire to get going -- that's a crucial first step but flipping isn't the cure all that many newbies think it is. Take a hard look at your skills and see how you can apply those skills to real estate. There are a thousand ways to "do real estate" beyond flipping. Focusing on what you do best will ensure you are successful. My best advice would be for you to go find a 1-4 unit in the 2C and run that for a bit. Your returns aren't going to be spectacular or particularly fast but you can find stuff Nampa and the rest of the 2c that will cash flow and enable you to cut your teeth on some of this stuff minus the risk and the months of work with a relatively low hourly wage.  Now that I've probably destroyed your dreams, start writing offers.