New to BP, and looking for a Mentor for flipping houses, and Rent

[Brandon Stokes]

New to BP have been listening to the podcasts the past few weeks. I’m just getting started in the flipping business in Mobile, Al. I’m pretty green not a ton of knowledge on the ins and outs, but doing this has always been a dream of mine and I’m excited to dig in! Any help is appreciated!

Thanks!

[Laura Alamery]

@Brandon Stokes You can go to Meetup.com and also the National REIA directory (https://nationalreia.org/find-a-reia/)

As far as mentoring, see if you can find someone at these events who offers mentoring or partnering on deals (while mentoring at the same time.)

Some of the things you need to keep in mind when doing fix and flips is to calculate the offer price taking in consideration repairs, overhead, closing costs, financing costs and your profit of course, which should be at least 10% of the final resale value. Also tapping into private money instead of hard money will give you more control of the transaction (and keep more of the profits.)

In the beginning you have to do what you have to do: may be give up a higher percentage of the profit to a local lender or use hard money, but soon enough you will have the experience (and closings) to be able to raise private money and pay less.

Years ago, when I transitioned from using hard money to private money, my fix and flip business exponentially grew overnight. With 16 private lenders on board and an infinite supply of properties to be rehabbed (auctions, REOs, etc.), you can see the potential there. :)