New real estate entrepreneur

[Joy Patrick]

Hi there! I am a new real estate entrepreneur in the Dallas fort worth area looking for advice. We are in currently looking at doing our first fix n flip. Any recommendation of a whole saler in the dfw area?  Mistakes to avoid?  any advice for a new investor will be appreciated. Thank you

[Bruce Lynn]

Generate your own leads. Be super careful with wholesalers. They often smell blood in the water with new investors. Do you own ARVs and estimate your own rehab costs. The best flippers will laugh if you ask them if they buy from wholesalers. Back in the day good wholesalers would perhaps try to make $3000-$5000 assignment fee from wholesale deal, now seems like they want $20K, $30, $50,000 and leave the flipper with no meat on the bone. What we normally see is ARV way too high, repair costs estimated way too low. It is also sometimes tough to figure out who's deal it really is. So many people advertising other people's deals as their own in this market.

There are good ones out there, but enough bad ones, that can make your money disappear quickly.