New Real Estate Flipper in the DMV Area!

[Tiffany Jones]

Hello Everyone. 

First off, let me say this site is amazing.  Secondly, I am stepping out on faith and following my passion.  I have decided that 2016 will be the year that I return to investing into real estate.  At the age of 21, I purchased my first rental property.  By the time I was 24, I had 4 rentals.  Through motherhood, my current career and life, real estate took a back seat.  10 years later, nothing has ever given me the same fulfillment as real estate.  This year, I would like to start my journey as becoming a full-time "RE Flipper" in the DMV area.  I've attended many investment courses and seminars in the area.  I'm currently building my team, during lots of networking and working on getting my RE license.  I still have my rentals but now I'm ready to add RE flipper to my portfolio.  

[Thomas Franklin]

@Tiffany JonesSince you are interested in fix and flips, I propose the following action plan. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.

1. How many investors do you currently work with and how many investors have you worked with, in the past?

2. How many transactions have you closed, with investors?

3. Do you currently own any Investment Properties? If so, what type do you own?

4. Are you a member of any REIAs?

The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days. Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality, and a breakdown of the number of SFRs. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. This will identify the retail price ranges, in which you can list the rehabbed property and the price ranges, of distressed homes, you should target.

You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.

I hope you find the above information to be of useful value.