Starting out on Flipping

[Olugbenga Oyinsan]

Hello, I have about $40k, looking to start investing in Wilmington DE for my first flip. I already have a contractor to work with and don’t mind starting small. Any advice on how best to start? 

[Shawn Parsh]

Olugbenga,

There are a lot of things you can do to get started. I apologize if some of these are obvious and you're already doing them, but here are some things that come to mind. Join a local real estate investing club and learn what you can from other investors who are actually doing deals not talking about doing deals. Learn your target market well. What is selling and/or renting for how much. What features, areas are in demand. What are the vacancy rates, how long are houses sitting on the market. Build a team that includes qualified realtor, real estate attorney, asset protection attorney, insurance professional, contractors, handyman, and others. Tell everyone you interact with that you are a real estate investor and what type of property your looking for. Study your niche of the real estate market. Ask questions here on BP, read books, attend training events, and ask a lot of questions of your team. Then start investing when you find the right deal. You will likely learn more in one deal then all the books you've read. You will learn more with each deal. Remember your reputation is more important then any one deal. Do what's right and your business will grow faster.