I am looking for Flipping advice!

[Alexandra Beard]

I have done months of research on how to flip homes.  I read through J Scott's book, "The book on flipping houses" and I also bought a course on flipping houses as well.  

I took a 60 hour realtor's course and passed but I have yet to sit for my exam.  My plan was to get access to deals before others.

I'm currently facing a bit of analysis paralysis and I'm just not sure what to do next and if getting my real estate license is necessary to learn the flipping business (LOTS of controversy on this subject I know!)

I'd love the opportunity to partner or work with someone that I can learn from as a coach/mentor so I can feel more confident about this area of real estate.

Just a bit about me... I'm 29 and I live in Central Arkansas.  I have some connections from work experience in the state within the political arena and I have years of experience in management, sales and client operations.  Project management is my field of expertise and I thrive at time management.

Thank you so much for taking the time to read this post!

[Andy Sabisch]

We have all been where you are - over analyzing deals to the point they are lost.  I assume you will be looking at flipping in your local area (hopefully to start).  You know your area better than we do miles away.  To start with, how much capital do you have available and will you be looking at HMLs or PMLs for funding.  Getting that for your first deal may be a challenge but presentation is everything.

You mentioned getting your real estate license to get the deals before others do but that will rarely happen.  Other agents are looking for the same deals and they have clients that are ready to close quickly.  We just picked up a property (close in two weeks) where we were not the highest offer but were ready to close and had the proof of funds to seal the deal.  If you have not lined up financing in advance, you will lose a good deal that comes along.  Get the funds lined up so when you find that diamond in the rough you can pull the trigger and get ahead of the competition.

You should look for FSBO properties, auctions and even drive for dollars . . . those are the deals where you can buy them for enough below market that you can make money.  Listed deals often require creative vision to see what others have missed . . . . not ideal for your first flip.

What price range are you looking at for your first flip?  How much are you looking at doing yourself?  DO you want a cosmetic rehab or a full gut?  If so, do you have the contractors lined up or available to do the work?  The good ones are often booked months out and if you are paying HML interest, it adds up quickly.  Make sure your rehab estimate is accurate - do not use online guides or programs that give you rehab estimates that are 2+ years out of date - go to Lowes or Home Depot and see what the current price is . . . better sit down when you see what pricing has done.

I would be happy to talk to you about your options and bounce ideas off . . . feel free to message me . . . . good luck