Choosing a property type

[Benjamin Cohen]

Hey everyone, 

As I begin to get move and more involved in the Chicago area real estate market i'm beginning to set my sights on a specific strategy (flipping) and a specific property type (single family), though I've yet to pin down anything other than that (beds/baths/area/etc). 

How did you pin down your property type and stats?

[Bill Gulley]

I suggest starting out, you take a small bite in a good area, might be a 1200 2/1 bungalow. Your skills determine the extent of a rehab if you are doing it, begin with lipstick, curb appeal, decorating and repairs. Then bite off a bite more, work your way up to the larger more complex properties. 

You funding ability also has to fit the property, get in over your head and you'll go bust.

Many construction types watch TV thinking they can do flips, what you don't really see is the groundwork in the valuation process, neighborhood analysis, financing alternatives which all comes before picking up a hammer. 

You really need to start by a self assessment, your knowledge, your skills, your financial position and management, after assessing these areas the range of properties becomes more evident, what you can bite off. 

Don't let the perception of a really good deal take you into a money pit or a white elephant, it's not a deal if you can't pull it off. Good luck :)