Rookie Investor with luck on his side.

[Michael Herrera]

Hello BP world, I'm a skilled laborer specializing in Structural Welding and a recent Jackpot Winner looking to invest in my first property flip. I consider myself a go getter and just having a hard time seeing what it is that I need to get. I have a day job and time to dedicate to this business I want to start. I'm eager to learn and get my feet wet in the Real Estate Investing world. I can't say if this is good time or not to start this venture (most will say it's not) but regardless, I'm eager to learn through hard work and smart decision making. 

Finding a good deal is step 1 and I have yet to reach step 2. My problem is simple, the houses I want to flip are too expensive, and sellers are stubborn with their asking prices (at least the few I've seen). Which leads me to making adjustments on my rehab and profit budget that leaves with a number I'm not comfortable with. How is this problem fixed? Or is the simple solution to just move on to a different property? 

I've had thoughts of rental investing but it feels like the market doesn't support that investment niche at this time as well. I'd be in the negative cash flow and having to rely on time to get my money back on the property, or at least that's what I think I'd have to do. I did the math and although I'd be getting cash back from renting my mortgage rate would be too high to make profit at the end of the month. I'm sure I'm not the only one with this problem.

Currently working with a realtor who I've told what I'm looking for but I don't think he wants to spend time on my interests. I don't have a Real-estate license and I'm under the assumption that I don't need one, is this something I should consider? I'm not opposed to investing out of county or state but it just as more of a risk in doing so especially since I don't really have a team established in my own city (not yet at least).   

Are there trusted websites that non agents can look at to get the inside edge on properties?  Is there anyone else in the Vegas area that is in the same or similar situation as me or someone who has accomplished what it is that I am trying to do. Looking for a role model here. 

I'm truly trying not get discouraged from this slump I feel or let my defeatist attitude get the best of me. Regardless my search continues for my first deal and a little "cheer" and "you got this this" goes a long way =)

My goal is to get 1 flip under my belt by the end of the year 2023 and start a 2nd by January. LET'S GET IT!

[Mary Ogden]

Hi there,

First off, I want to say that I'm really impressed with your drive and determination. It's clear that you're serious about starting a real estate investing career, and I think that's great!

I know it can be tough to get started, especially in a market like Las Vegas, where prices are high and sellers are stubborn. But don't get discouraged! There are still ways to find good deals, and there are plenty of people who have succeeded in real estate investing in Vegas.

Here are a few tips:

• Work with a good real estate agent. Not all agents are created equal. Find one who specializes in investment properties and who is willing to put in the time to help you find the right deals.
• Be flexible with your criteria. Don't get too hung up on finding the perfect property. Be willing to consider different neighborhoods, different types of properties, and different price points.
• Be patient. It may take some time to find the right deal. Don't get discouraged if you don't find it right away.