Looking to get my hands dirty!

[Dillon Lewis]

Hi ya’ll! My name is Dillon Lewis and I’m just looking for the right direction or some mentorship on flipping houses. I’ve been listening to books and podcasts per bigger pockets. I recently had my first child, and I’m just looking to build a little wealth and work hard for her but also have the potential to be home with her a little more. Any and all help or connections is appreciated!

[Min Zhang]

Hey Dillion, welcome to BiggerPockets! I have done flips and BRRRRs myself but it took up so much of my time. I recommend you to do it if you have the time and capacity. I can send you a list of contacts in Cincinnati to help you build your team, contractor,  property manager. Let me know how I can help!

[Gregory Wilson]

Hey Dillon! Congrats on your first child. Enjoy it while she is young. You did not pick the best time to start down the flipping road because interest rates have risen, demand has gone down and yet sellers are still hoping for an inflated value.

My first flip was a two family where I lived in one unit and renovated they other, then reversed the residence and renovated the other unit. It would be pretty hard to renovate a SF while living in it with a baby. But, in this climate the risk is great and the reward small for a straight up flip due to carry cost and transaction costs.

Be careful. A loss will be very discouraging.

[Chad Shultz]

Hello @Dillon Lewis,

Welcome to the BP community and congrats on your starting a family. Hopefully you will be able to mingle all of your adventures into one successful journey. Don't listen to the "naysayers" with respect to the market. What you need is focus and discipline. If you follow correct MAO offers rules, which most successful investors use, then there is no "bad" time to be in the market. Right now is an excellent time to buy, because sellers are feeling more pressure and better deals are available for investors who can solve seller's problems. I recommend you stick to that approach and never "yurn" for a property. Most of my best deal projects come along when I am NOT trying to find them. This is especially true nowadays.

Being newer, I think you should be hands-on involved in your first few deals at minimum.  This will give you a better working knowledge of the process, time frames, materials, etc.  It will also help you keep costs down, so you can be more in control of profits, while getting started.  I have never met a contractor that cares about costs, unless those costs directly affect the contractor in a negative way.  For example, you can tell a contractor it costs you $100/day to hold a property, so the job needs done quickly, but it will not resonate with the contractor until the project gets to a point that it starts costing the contractor a daily fee, at which time the work will be done more quickly.  When I hold utilities on a project and the contractor wants the AC on, it is not uncommon to find the AC set to 68 degrees with doors open, or over a long weekend when nobody is there, etc.  When I tell contractors they can do what they like, but they cover the utility bill, I never find it set below 78 degrees.  This is just how contractors, and many other people, work.

I started my first project ever with a partner and only $33k all-in.  We did much of the work and brought in contractor(s) and workers for specialty items, etc.  In the end, we both made a little over $18k each.  Not bad for a $33k investment and some time.  If you can refrain from spending that "work" money and roll it into another project or two, before taking any out, it will be easier to get to the point that you can maintain.  From there, you can ease out of the "hands-on" side as much, and get more into overseeing crews.  You should always be sure to keep them in line and on track.  Make it a point to stop by your projects, unannounced, at least a few times each week.  This will help keep everyone honest and on track.

Finally, I would find out where your local REIA meets and go to occasional meetings. This will help you network with people in your area who are doing what you do. You can network and make connections that will help you avoid the pitfalls of using crappy workers. Many of the networkers will be happy to tell you who to use and who to avoid, etc. This will be one of your biggest money saving parts of your journey.

Best of luck.  If you want to chat further, about anything specific, feel free to reach out.

[Savannah Holzer]

Hey Dillon! Congratulations on the new addition to your family—that’s such a great motivator to get into flipping houses! It sounds like you’re on the right track with resources like BP, which will help you make those connections!

[Arvand Sabetian]

Welcome Dillon! It's a noble cause to want to build wealth for your budding family. I'm rooting for your success. 

[Sam McCormack]

Quote from @Dillon Lewis:

Hi ya’ll! My name is Dillon Lewis and I’m just looking for the right direction or some mentorship on flipping houses. I’ve been listening to books and podcasts per bigger pockets. I recently had my first child, and I’m just looking to build a little wealth and work hard for her but also have the potential to be home with her a little more. Any and all help or connections is appreciated!

 Hey Dillon, I am going to shoot you a message now!!

[Julio Gonzalez]

You came to the right place, Dillon! 

This is a great place to learn and to connect with people so take advantage of all the great resources.

[Samuel Diouf]

Hey Dillon, welcome to BiggerPockets! Building out a solid network and team consisting of a real estate agent, contractors, and lenders will be the foundation of your flipping success! 

I recommend starting with a smaller project that will have less risk so you're able to gain the experience you'll need to be confident in taking over bigger projects.