Thoughts on Flipping homes

[Adam Tiller]

Hey guys!   Really would like any and all advice on starting in the buy and flip business.  I'm local to Richmond, licensed since November and looking for any help as it concerns investing into a flip for the first time!

[Katie Smith]

Hey Adam, welcome to the world of real estate investing! It’s great to hear you’re looking to get started with your first flip in Richmond. Since you’re already licensed, you have a solid foundation, but flipping successfully is all about building the right team. Here are some key relationships you’ll want to establish early on:

1️⃣ Wholesalers – They can be a great source for off-market deals. Network with local wholesalers through meetups, BiggerPockets, and Facebook groups. Let them know exactly what you're looking for (price range, areas, property type).

2️⃣ Lenders (Hard Money & Private Lenders) – Having financing lined up is crucial. Traditional loans don’t always work for flips, so working with a hard money lender or private lenders can help you close deals faster and fund rehab costs. Look for lenders who are investor-friendly and can close quickly.

3️⃣ Title Companies – Work with a title company experienced in investor transactions. They should be able to handle double closings, assignments, and any potential lien issues that come up during flips. Ask local investors who they use and trust.

4️⃣ Insurance Providers – Flips require different policies than traditional homeowners insurance. Find an insurance agent who specializes in builder’s risk policies to protect your investment during renovations.

5️⃣ Contractors – A reliable and cost-effective general contractor (or subs, if you’re managing the project yourself) is key. Start by getting referrals from other investors, and always check their recent projects, references, and timelines.

A great way to start is by attending local meetups, REIA groups, and networking events to connect with these key players. Also, consider shadowing an experienced flipper on a deal to learn firsthand before jumping into your own project.