Hello fellow Investors (fix and flip)

[Saheed Adekunle Amuda]

Hi everyone,

I am a newbie in the real estate investment world. I am here to learn about Memphis fix and flip market. I would love to learn from experienced ones who know the market and strategies. I also won't mind collaborating with someone for the main time. Thank you 

Saheed

[Jordan Ray]

Quote from @Saheed Adekunle Amuda:

Hi everyone,

I am a newbie in the real estate investment world. I am here to learn about Memphis fix and flip market. I would love to learn from experienced ones who know the market and strategies. I also won't mind collaborating with someone for the main time. Thank you 

Saheed

Goodmorning Saheed and welcome to BiggerPockets! Fix & Flips are great but they are not as easy to get due to the amount of margin needed and the cost of the rehabs being higher. If you make an offer on a property that's in a price point of a house that would also attract an investor looking to build their portfolio where rents are in an affordable price point, you will get out bidded more often than everyone else because you need a cheaper house. Investors looking to build their portfolio can take a property with tighter margins and also can make their rehabs cheaper.. this would be your biggest challenge as a flipper. Fix & flip in Memphis is definitely a number game with making offers. I have helped plenty of my clients do fix & flips and I also personally am looking for one in Desoto County, MS (Right below Memphis TN). Let me know if I can help you in any way!

[Robert Bell]

Memphis is a great market! It is also a very competitive market. We have helped many Memphis investors with private money for flips.  I personally look at every property. Memphis is a block by block city, so be careful to get your comps from very close to the subject property.  Don't be fooled by high rents and low purchase price ratios. When you see this it might mean renters turn over quickly in that area. Best of luck!

[David Ramirez]

Hey Saheed, 

I'm in the Florida market but feel free to reach out with any questions! 

[Ahmed Hafez]

Hello everyone,
I've done 3 buy and hold rental properties, and now I want to do flips, I need investors and I have some that have shown interest, in addition to speaking to private lenders that are willing to fund 70% of the LTV (based on the desired property)
I'm seeing a lot of deals from wholesalers, but the problem is, some of them close in 2 weeks and some as long as a month, and they don't take conditional offers, and the good ones fly off the shelf really quick.
My question is, how does someone like me close one of those deals within this short period, how do you arrange the equity and financing with little to no inspections sometimes even.
I'd like to know how do I prepare myself to be able to close one of these good deals right away when they are offered to me and many others?

Thank you in advance!

[Robert Bell]

As a private lender, we understand deals must close quickly.  That is what we specialize in.  We are only in the Memphis TN and surrounding areas.

[Patrick Galphin]

@Saheed Adekunle Amuda,

The Memphis market is great for fix & flips, if you can find them, and get them under agreement quickly. This is where having a great team with boots on the ground here in Memphis makes all the difference. I have personally done fix & flips, and have several clients that have completed projects this year. 

I would love to connect if you have any questions about the market and how to best find fix and flips in town. 

All the best,

Patrick

[Tyler Tapley]

It is tough to buy the homes cheap enough to where you can then rehab them and sell them at a profit.  Most of the properties get bid up.  It is competitive.  If you can buy the home at the right price though...yes you can make a lot of money.  Just have to buy the property cheap enough where there is a big enough spread.

[Tyler Tapley]

Quote from @Ahmed Hafez:

Hello everyone,
I've done 3 buy and hold rental properties, and now I want to do flips, I need investors and I have some that have shown interest, in addition to speaking to private lenders that are willing to fund 70% of the LTV (based on the desired property)
I'm seeing a lot of deals from wholesalers, but the problem is, some of them close in 2 weeks and some as long as a month, and they don't take conditional offers, and the good ones fly off the shelf really quick.
My question is, how does someone like me close one of those deals within this short period, how do you arrange the equity and financing with little to no inspections sometimes even.
I'd like to know how do I prepare myself to be able to close one of these good deals right away when they are offered to me and many others?

Thank you in advance!

Man those are actually great questions.  I'd recommend you have your financing or cash up front.  Ready to go in no time at all...that is the first thing.  Secondly you have to be very quick and know when it is a good deal. Local agents and local investors can just look at the price and address and see if it is a popular area immediately.  We won't know the condition of the home but can assess photos or drop what we are doing and go look at the home immediately.  Basically you just have to move real quick and make an informed, educated decision.  You should make sure you have a good team in place and bounce ideas off of them.  A strong local agent can tell you what the approximate value is easily and quickly.

[Ahmed Hafez]

Quote from @Tyler Tapley:

Quote from @Ahmed Hafez:

Hello everyone,
I've done 3 buy and hold rental properties, and now I want to do flips, I need investors and I have some that have shown interest, in addition to speaking to private lenders that are willing to fund 70% of the LTV (based on the desired property)
I'm seeing a lot of deals from wholesalers, but the problem is, some of them close in 2 weeks and some as long as a month, and they don't take conditional offers, and the good ones fly off the shelf really quick.
My question is, how does someone like me close one of those deals within this short period, how do you arrange the equity and financing with little to no inspections sometimes even.
I'd like to know how do I prepare myself to be able to close one of these good deals right away when they are offered to me and many others?

Thank you in advance!

Man those are actually great questions.  I'd recommend you have your financing or cash up front.  Ready to go in no time at all...that is the first thing.  Secondly you have to be very quick and know when it is a good deal. Local agents and local investors can just look at the price and address and see if it is a popular area immediately.  We won't know the condition of the home but can assess photos or drop what we are doing and go look at the home immediately.  Basically you just have to move real quick and make an informed, educated decision.  You should make sure you have a good team in place and bounce ideas off of them.  A strong local agent can tell you what the approximate value is easily and quickly.

Thanks for the response Tyler, only issue is, financing is provided based on the deal, and this is where I'm stuck. when you say have the financing ready to jump on any good deal, I hear you and agree with you, but like I said, debt or equity investors would want to see the deal first before signing any agreements. I know it gets easier with your 5th or 10th deal, but I'm talking about my first one here! 

[Vivienne Affat]

Quote from @Saheed Adekunle Amuda:

Hi everyone,

I am a newbie in the real estate investment world. I am here to learn about Memphis fix and flip market. I would love to learn from experienced ones who know the market and strategies. I also won't mind collaborating with someone for the main time. Thank you 

Saheed 

Welcome to REI World! The Memphis fix-and-flip market has a lot of potential, and connecting with experienced investors is a smart move. I'd recommend joining local meetups or online forums to network. If you're open to collaboration, that could be a fantastic way to gain hands-on experience. Best of luck on your journey! Let's connect too, I might be able to help you in your future real estate ventures.

 

Welcome! Welcome to REI! The Memphis fix-and-flip market has a lot of potential, and connecting with experienced investors is a smart move. I'd recommend joining local meetups or online forums to network. If you're open to collaboration, that could be a fantastic way to gain hands-on experience. Best of luck on your journey!

[James Wachob]

Welcome! Memphis holds a lot of hidden opportunities! Please feel free to reach out if you have any questions. 

[Nehemiah Burney-Porter]

Quote from @Saheed Adekunle Amuda:

Hi everyone,

I am a newbie in the real estate investment world. I am here to learn about Memphis fix and flip market. I would love to learn from experienced ones who know the market and strategies. I also won't mind collaborating with someone for the main time. Thank you 

Saheed

 Hey Saheed. Def reach out to @Taz Zettergren He helped me out a ton when i started considering the Memphis market

[Carole Parker]

Hi Saheed,

Welcome to the community! It's exciting to hear that you're getting started in the Memphis fix and flip market. There’s definitely a lot of opportunity there, and I'm sure you'll find it both rewarding and challenging.

A key part of successful fix and flip projects is securing the right funding. Have you considered private money lending? Many investors use private lenders to finance their projects. It can be a great alternative to traditional bank loans, offering flexibility in terms of both loan structure and timelines. If you're interested, I can share some information to you. 

I'd also be happy to collaborate or share insights where I can. Feel free to reach out if you'd like to discuss potential opportunities or ideas.

Looking forward to connecting!

Best,
Carole