20 year old asking for advice

[Jose Sosa]

Hello 

My name is Jose, I am a 20 year old that lives in LA who has a small construction/handyman business. I am currently working with my father in this business and he has over 20 years experience in construction, including remodels, ground up, handyman etc. I want to start making some more money so I am looking into flipping houses in my area or surrounding areas. I currently have 80k in interest free credit cards for 18 months so I want to be able to use that in order to start flipping either a hard money lender or a private money loan. I want to do this but I have read that it is incredibly hard to do that in this market. Can anybody please give me any advice?

[Andy Sabisch]

You have a leg up on many new investors in that you have an understanding of the reno end of the business and hopefully in conjunction with your father, you have contacts in the trades for work as needed on your projects.

There are always deals to be had for those that can think outside of the box and see what others overlook.  Don't get sucked into the programs that promise to show you how to find those mystical deals  for a fee.  Try reaching out to wholesalers in your area . . . you can find them online, calling some of the bandit signs you see all over or through a local REIG.  Let them know what you are looking for and in what area . . . then validate their numbers (ARV and reno costs) to see if the deal is real or in their mind.

Always budget for the unexpected . . . . you and your father probably know that any project costs more and takes longer than initially projected so make sure you factor carrying costs into the numbers you run.  The calculators on BP are a great tool so be sure to use them.

Look for the RIGHT deal and then put your knowledge to use to drive it to the finish line . . . . best of luck!