Flipping in Lubbock & Amarillo, Texas

[Tyler Flagg]

Hey there!

My name is Tyler and I live in eastern New Mexico. I've been purchasing buy & hold properties in Oklahoma City over the course of the last year, but am considering transitioning towards flipping in Amarillo and/or Lubbock in order to create some short term cash flow. 

Is there anyone in the BP community who has experience flipping in these markets? Lastly, are there any REIA meet-ups that occur regularly?

Thanks for the help!

[Blake C.]

What price range do you work in?

I know two wholesalers that aren't really active here, but do a little flipping as one of many exits. They mostly wholesale and even keep some as rentals. Mitchell Property Group and Amarillo Welcome Homes. You can find them on Google. They focus in the 60-100k market for retail flips, but often wholesale them before they finish the rehab. 

An amazing person from AMA that was on Bigger Pockets, Ryan Webber, passed away too young. He was a amazing person, experienced investor in all types of exits, and organized the investing club. From what i understand it isn't very active at the moment. Im looking to go to the Apartment Associate meeting run my Karla Ross soon. I think there are a few people that do stuff outside multifamily there... or at least people that do both. 

I find it hard to make numbers work to flip most deals in this market. It seems like finding deals with enough margin left to flip leaves the numbers too tight for me to flip, but still good to hold. Most people I know will just wholesale to buy and hold investors... making a little less, but doing it faster and not paying commissions.  

May be the margins are tight because its a little competitive at the moment in town. Its a very blue color mentality here. With interest rates low and the blue color mindset of being okay to get ur hands dirty, leaves lots chasing real estate at the moment. 

I have chosen to buy and hold as a main strategy. Doesn't mean you can't flip, just the opportunity to do it is low. I did one simi-flip last summer because I found an amazing deal and was low on capital to hold it. It was with a investor buddy of mine that has way more capitol than me. I bought it with the sale to him verbally agreed upon at the start. It was one of those deals that doesn't come around daily. Would have be nice to keep it, but it was also nice to make some money and move on to the next deal. 

Hope this helps. Would be glad to hear more about what you are up to and see if there might be a way to continue to future each others pursuits.