About me: 47, family, did well in my small-business life for 20+ years, up until about 2019...grrrrrr. Luckily have a decent nest egg, barring major depression scenarios, I think I'll be 'ok' with a a few lifestyle cutbacks and I haven't worked for 2 years now.       Rehab experience: NONE.  I currently live in suburban Philly. 

I own (2)TH's Metro Atlanta for 1.5 years.     I own (1) TH in Northern Virginia for 8 years.  Both under property management - the worst thing that's happened so far was (1) late payment, and I got $25 late fee so the diner breakfast  tasted good that day:)

Advisors: NoVA Prop Manager -same for 8 years, good relationship.   In Atlanta - happy with my broker and property manager - he is the SON of my Virginia guy....and thus far I'm pleased.   In Metro Atlanta - I've made about 7 offers in the last 5 months --  no dice. On 1 - I was actually $5,000 higher on my offer (240k house)....but the other guy waived any due diligence so lost that one.  My deal with Atlanta Broker is that he will oversee the whole rehab, he has the contractors and subs -- - and yes, he's done these before with his Dad.  In return - I use him as my agent on my atlanta properties, in addition - use him for Property Management.  I trust the relationship so far because: MANY times I send him a listing and he'll disqualify it with good explanation. It would be easy for him to say 'write it up' and collect his 3%....but when he rejects MOST of the listings I send - I feel he is also wants me to do well.  He's not a full time rehab realtor -- but he does do some.

I realize, this is not Cable TV where it's all easy and big money is made.   

Frankly -I'd LOVE to average 1 flip a year.   2 would be absolutely amazing  - - vis a vis my financial plan for hopefully 'making it' financially. The flips would be extra --  but a very welcomed plus.    A few thoughts and questions:

1.)Is it just plain the wrong time? Odds are values drop 6 months from now. Sellers seem to still want high prices. BUT I'm getting beat out so someone is paying the higher price....does that mean they are dumb? OR does that mean perhaps they are contractors, and have expertise and cost savings that I just don't have?

Is it prudent to just say "I'm waiting 6-7 months. Sadly, rates will be higher, prices lower, some jobs will be lost, and more homes might go to crap and be listed for sale as fixer uppers..."

2.)I chose ATL because I feel I have a trusted counselor there.  Also, I like homes under $250k.  If I'm gonna do cash deals....that's manageable.

3.)I am tempted to start in my own backyard - suburban Philly albeit units cost more. I'm wondering - yes, I have NO experience. But if I get the right software OR the right Realtor to give me honest comps....and I buy a home....I would do so fully aware I can't do the work myself. At that point....I wonder - why can't I see that the paint sucks, the hardwood floors need finishing, the bath and kitchen must be gutted, etc.....and get the appropriate subs to do it knowing full well one must stay on them and there will be fits and starts and late jobs, and change orders, etc.  Will I pay more? Yes. But even if I make a below average profit - I'd be a happy camper.    I

4.)If I decide to do one and go it alone - does it make sense to have a Real Estate Broker License - theoretically i'd save 2-3% on buy commission and 2-3% potentially on sale commission - --that assumes market is decent and I don't need a talented agent. If market sucks - well, then I'd need an experienced person

Time: I have plenty. Most of my days are spent following stocks, playing with retirement calculators, doing stuff with kids, and playing more poker at the casino than I care to admit.

I refuse to give up.  I feel that I know what I DON'T know.  I feel I have CASH to do deals - I think that is an asset.  I've never flipped a house - but in my 20 year history there was tons of buying and selling -- - and I knew all that time that I make my profit when I BUY the merchandise - not when I sell it and I think that lesson carries on into houses .

Geez, all I'm trying to do - is my first rehab.

Hoping some of you will chime in. 

Questions, comments, insults - all are welcome.