I want to learn how to flip in Los Angeles. Any advice on how ?

Question

I want to get started in flipping.  Is there any advice on how to get started ? How did you learn how to flip profitably and consistently over the years in your experience. I am in Los Angeles and have some savings and would like to use that to get started.

Alex K. · Answer

@Andrew Shelton that sounds great let's  chat some more about that. I will go ahead and PM you

Alex K. · Answer

@Shiva Bhaskar as a side note I'm still looking forward to that real estate Meetup

Alex K. · Answer

@Shiva Bhaskar thank you so much for your input I really appreciate it.

Shiva Bhaskar · Answer

Hey Alex. Never flipped in LA, but we purchased and upgrade multifamily properties here. I have a friend who has done flips. He would either buy in cash / private money or get seller financing, bring on the contractor team, and then sell. There are many steps in between, but he makes a LOT of offers and most don't come through, and he's always ready to close in 10 days. Only go after properties that need considerable work.

Paula Orty · Answer

Hi Alex, I have not flipped any sfh, but before you start you need a system to cover all your bases.  You need to educate yourself on markets, analysis of houses and the numbers.  Start with BP, watch the videos available and attend the webinars.  Good luck

Andrew Shelton · Answer

Hi @Alex Ko, I am a LA local as well with interest in flipping. Let me know if you'd ever like to team up on a deal!

To answer your question with my fairly limited knowledge - I believe a strategy is to find dilapidated homes and buy them off-market with cash. You can do this by sending out mailers to a targeted audience or you can set up a robo-call system to generate leads. For your first couple of deals, you'll probably want to look for places that just need some cosmetic repair (paint, flooring, etc.) and make sure you steer clear of any structural issues like foundation insufficiencies. Look for easy value adds. I hope this helps!

PS I've never completed a flip before, but I've read several books and forum posts.