New Real Estate Investor Looking to Start with Flipping

[Eric Huntermark]

Hey everyone!

Excited, and honestly a really nervous, to be diving into the flipping business! 

I previously owned a long-term rental that I bought from a parent and rented to family for over three years (lesson learned!). When they finally moved out, after destroying everything), I flipped the property, doing most of the work myself and leveraging family with trades backgrounds. I ended up making a profit that paid for my wedding and honeymoon!

My first flip!

Now I’m looking to get serious about flipping. I still have a full-time job, but my goal is to start with 1-2 flips/year for the first couple of years, then ramp up to 5+/year.

Right now, I'm focused on learning as much as possible—market analysis, deal sourcing, estimating rehab costs, and raising capital. I'm also in the process of finalizing my business plan and setting up my LLC.

I'm excited to connect with the community and would love any insights or advice as I get started! Looking forward to learning from you all.

[Dominic M.]

Having family with trades is a huge benefit, even if they don't do the work, utilize them as a resource. 1. Sourcing reputable contractors via your network 2. Not overpaying and getting great terms 3. multiple bids/ quotes 4. project management. 

The link would be to capital, sourcing and analyzing deals: underwrite, underwrite, underwrite. Speak to lenders, have a nice package together: they will want an SREO, your background, your assets/ income etc, they will want your "business plan", your underwriting, your capex breakdown line by line. 

Connect with local wholesalers and investor friendly agents and provide your criteria to start receiving deal flow.