How can i find my house to buy and flip? Also, how was your first experience with flipping?

Question

Hi BP Nation! I am a Newbie. I am turning 18 next month and i have been on BP for several months so i can get as much knowledge to start up with my investing and flipping.

I will be going to the meet ups to get some contacts and make network.

I know several ways to find a house to flip

1)Reach a Wholesaler.

2)Become a Wholesaler for your own benefit.(thats means i will be doing Yellow letter and just mail it to motivated sellers)

3)Auctions (but i dont really know anything about it or where they are held in Raleigh.)

4)I have also heard the term "Court house steps" not sure about it. Are they like Auctions?

5) Drive around Neighborhood.

I want your opinion on this BP Nation. What would you recommend? how did you came to find your first house and how did you do on it? Just share your experience on this for me and for investors like me Please. Also, If you did make any mistakes(dont be ashamed) what were they? so investors like me can benefit from it. You learn from Mistakes! Thank you

Also, I have no cash right now. But i might be able to get some Hard Money, not sure. Most likely i will doing my first flip through a loan. would that be problem?

Account Closed · Answer

@Joe Fairless I am very focused on the flipping market. I live in Raleigh NC. And I have been for about a year. About next month I will getting more involved and start going to meetings and network. Thank you for sharing your experience. What I was thinking about doing is to start with Wholesaling because it doesn't require a lot of investment. So I was thinking, once I start going to meeting, I'll network and know people who wants to buy properties to flip. something like that maybe. What do you think? Did you try wholesaling? (Sorry for all the questions)

Joe Fairless · Answer

Account Closed - got it, ok, well, I haven't tried wholesaling but that path you described has been traveled many times by many people. You'll be able to get lots of good advice from people on here on it. I have, however, purchased from a wholesaler. Here's an article I wrote on how to stand out from your competition as a wholesaler: http://www.biggerpockets.com/blogs/4430/blog_posts/32194-attention-wholesalers-2-ways-to-stand-out-from-your-competition

Joe Fairless · Answer

Account Closed - I tried flipping about 4 years ago and it was an utter failure because I was trying to find deals in other markets while living in NYC. I never found something that was worth flipping however I learned a ton in the process. Key takeaway: if you're going to flip - be in the market you're flipping.

Account Closed · Answer

thank you! Hopefully. I will achieve in what I want to do! Thank you for your reply

Account Closed · Answer

Account Closed I have already read the beginner'a guide and it was really helpful :). And I have listened to almost evry podcast. I have listened to it from 01 and now I am at 43. They have such rich informations, I try to take as many notes I can take when I can. And I will be buying the book you suggested. J Scott is truly my inspiration and my role model! Thank you for letting me know!

Account Closed · Answer

@Kleefenzie Lightner I have been educating myself for months now. i will more. Thank you! @David T. I was thinking about partnering up. but i feel like most people wont even take me serious because of my age.And i dont really know how to find a good partner. I will look in to partnering up. Thank you

Account Closed · Answer

@Eric Xie Oh yeah SUPERBOWL!!! Sorry! and you are right. I will try to get more knowledge. And my Hard money lender would be my Family. My Brothers own several Retail "As Seen On TV" Store. They said they might be able to help me out with my first deal but i doubt it. Anyways, Thank you for your reply.

Account Closed · Answer

I meant my *First* house to flip.

Paul Timmins · Answer

@Asad Jamal Welcome. Take what you perceive as a negative your age and make it a positive. You may have already gone through some of the items below. Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing. Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on. Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet fellow wholesalers and all the cash buyers (rehabbers) you will need. Check out 9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper How to Start Wholesaling: Getting Past The Education and Into the Field Good luck Paul

Brian Gibbons · Answer

Fastest way to know more about flipping,wholesaling and rehabbing than 90% of newbies... http://www.amazon.com/The-Book-Flipping-Houses-BiggerPockets/dp/0988973707