How to get started flipping houses when you live in NYC

[Lauren Victoria]

Hi Everyone!

I am new to bigger pockets and looking to network with people on the north east side of the country to get to understand real estate better.

I am very interested in flipping at this time, and I have the goal of taking on my first flip in the summer. Until then, I am trying to study all I can, network all I can, and then dive in!

My big question is this....
I already know I am not interested in taking on flip projects anywhere in the immediate area of new york city, for obvious reasons....I'm too new to this to take on that kind of risk, the prices are crazy, and it looks like you need big investments to make small immediate rewards. 

Flippers and rehabbers- what is your solution to this issue?
Do you go to more southern states for your flips? are there places I could start looking that are not too far? certain states?

and if you are living in manhattan and flipping out of city/state....how do you coordinate the flip, how long do you stay at the site, I am assuming you want to be there for the flipping process as well as the research phase.

Thank you in advance for your advice!

[Mark Fedorov]

Don't do your first one away from home.

Your planning for time and costs will be off, and you don't want to be away from your support networks and you don't want to pay for a hotel and extra living expenses. 

There is land between Manhattan and "The South"... look at Queens, Jersey City, Yonkers, Union city, some place you can commute to. 

Start small.. like really small.. bungalow small. Try it, you won't make a lot but you won't loose a lot.

And do more planning.. a flip, assuming you need to put one month of construction time into it will take 5 months from cash in to cash out.

April 1- Agreement of sale and your down payment (2 months to Title search, get loan/ money, insuance locked down, organize contractors, get permits, make plans, get equipment, turn on/off utilities)

June 1 Settlement

June 2 start work, June 30 finish work (let's assume it is on schedule)

July 1 listed on MLS

July 2 receive agreement of sale (this will not happen do soon, but for this example, sure)

August 31st - settlement.

You don't want to be worrying about something so far away for so long.