New to fix and flips and looking for advice

[Bryan H.]

Hi everyone, I wanted to get on here and reach out to the BP community about fix and flips and scaling. I currently own 2 long-term rentals and my own primary. I have done all the work on all the properties up to this point including all renovations and management. I run a small handyman company which I plan to grow with my real estate business to hopefully start doing large developments. I have good cash flow on my current properties but I want to learn flipping so I know how to turn a decent quick profit. I see others on here talk about doing 1-2 flips a month and I want to know what it takes to get to that point. I have no experience getting off-market deals and I need to learn to build the systems and team in place to make everything happen. I appreciate your time writing your responses.

[Bryan H.]

Quote from @Kyle Ebersole:

I echo what Alan said! J. Scotts book, Gerber's Emyth and How to Grow Your Small Business by Donald Miller are great books to help you build a foundation for scaling a flipping business. You've got a great edge as you are a contractor. If you are wanting to get to 1-2 a month, you will either need to hire more employees or sub things out. Decide which route you want to take there first. Secondly, build out your networking for finding deals. There are a bunch of different ways, but find 1 or 2 and become great at it. Follow up systems and sales are key for getting deals off market. Thirdly, get some very good lenders that you can call on. Handling 8-10 properties at a time requires access to a lot of cash and enough cashflow to be able to handle all of the monthly interest payments. Its definitely doable, but takes a lot of hard work! 

I appreciate your response. It seems so far away but I know it is the next step in my journey to growing my real estate. I need to get a few flips under my belt to build up some cash reserves then I will look into scaling and building an in-house team. I think I want to focus more on the project aspect of everything and partner with someone who can deal with the lenders, books, deals, and selling of the properties.