How did you buy your first flip

[Elaine Wang]

Just starting out, Plan to do my first flip this year. But still no clue for where to start out.

Could anyone be so kind to share some experiences on your first flip?

Questions are, but not limited to:

From what source you got the property.

How did you choose the Neighborhood that you would like to work on.

What are the price range.

How did you funding the project?

How much did you pay for remodeling.

How long did it stay on market until sold?

What is the margin it turned out to be?

What was the most important lesson you learned from this first property.

Thank you!

[Issac San Miguel]

Quote from @Elaine Wang:

Just starting out, Plan to do my first flip this year. But still no clue for where to start out.

Could anyone be so kind to share some experiences on your first flip?

Questions are, but not limited to:

From what source you got the property.

How did you choose the Neighborhood that you would like to work on.

What are the price range.

How did you funding the project?

How much did you pay for remodeling.

How long did it stay on market until sold?

What is the margin it turned out to be?

What was the most important lesson you learned from this first property.

Thank you!

Hey Elaine!

Lots to unpack here but the simple answer is the profit on the flip has to exceed the total cost of the project, and be executed quick enough for it to be worth your time investment. In a market like Houston there are fantastic opportunities in the surrounding suburbs. Experience is such a big advantage in flipping a house, and finding someone who is interested in talking you through a project can be a huge help. Local real estate meetups are a great place to meet like minded people who have good experience in flipping real estate.

A good first flip could be something that needs minimal rehab but would pay back your rehab dollars and then some with minor updating. Look for something that doesn’t require major work (think roof, hvac, rewiring electrical, moving plumbing) as those things can eat up a budget quickly and focus on cosmetics like exterior and interior paint, updating hardware and fixtures, replacing appliances, and focusing on a high value area like a master suite and/or kitchen. 

At least that is the 1000 ft overview. pm me if you’d like to chat more.