Newbie Real Estate Flipper in Maryland

[LaShonda C Torbert]

Hi everyone,

I've been following the BiggerPockets podcast for a few months now, and I'm ready to fully dive into the world of Real Estate Investing. I'm planning to start by flipping properties. Ideally next year, I'd transition to incorporating a buy and hold strategy with small multi-family units. I'm excited to say that I'm presently working on securing my first flip deal in Baltimore. 

My short-term goal is to complete 5 flips in 2020. I currently live in Southern Maryland (Lexington Park area), but I have a flexible work schedule so I'm open to working with properties in the greater DMV and Baltimore regions. 

I'm really hoping to network with other flippers and investors. I'd also like to network with contractors and other professionals to start forming teams for my projects. I've gone through meetup.com and found a few upcoming REIA events, but I'd love to also connect with people on here as this resource seems pretty incredible.

Very much looking forward to being active in this community! Any advice that you'd offer someone doing their first deal?

[Jaron Walling]

Congrats on taking the leap! Actual real estate is not like you see on TV but still enjoyable. 

For starters I would make realistic investment goals. Unless you already have a team in place (CONTRACTORS, rehab skills, real estate agents, CASH, lead generation) flipping 5 houses in 2020 will be tough. That's just my opinion but as a novice investor like my self my goal is 2. I would prepare for a few set backs and stick to your numbers. You cannot over pay for a flip property. The goal is equity or profit and you lose some at the closing table if you over pay.