New in Michigan - Building from Scratch

[Matthew Hull]

Hello,

I'm out of Lansing Michigan. I'm new in the house flipping business/real estate in general and am trying to build my business from scratch. Doing a lot of research. Looking forward to being a part of this community.

1) Where do you start with deals and money? Find the money first, and then get the deal?

2) When people talk about putting a house under contract, does this mean they've put an offer in with contingency, or is this some form of creative financing?

3) Anyone know of a great agent in the Lansing Area?

4) What do you look for in a mentor and how do you find one? I'm a little wary of people I don't know, but I'm thinking of starting at my local REIA.

-Matt

[David Rawls]

Welcome @Matthew Hull!

BiggerPockets is hands down the best place to learn about REI. Good choice.

1: Everyone will tell you the same thing - Find the deal first and the money will find you. (Hard money) If you're looking at getting a conventional loan, get pre-approved first before you start looking for deals.

2: Putting a house under contract means to come to an agreement with the seller, put it on paper (contract), and have them sign it. This will prevent them from selling to anyone else for however long the contract states - which gives you time for a home inspection and other due diligence. (There are free forms on this website, you can search for 'Contract' to get a basic idea of what it will look like. Usually its a 1 page basic contract just to get control of the property.)

3: Someone will! Try using the search bar, chances are you'll find something.

4: I haven't personally used a mentor. If you really want one, make connections in these forums. Offer to help people clean out a house or something of that nature. People here are friendly and will answer questions if you post them, but don't expect someone to give you 1 on 1 time without proving that you're serious/willing to help them.

-- Your local REIA is a great place to look. Get all the connections you possibly can, and keep moving forward.

Good luck!