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Updated 2 days ago, 12/02/2024
Dedicated in getting into rehabbing, house flipping, and BRRRR
Hi everyone! I'm currently looking to get into real estate, and I find house flipping and repairs an interesting category to get into. However, I have very little knowledge about getting started. I have watched a few videos, but I want to be able to learn from others and really get hands-on experience (In general, I want this to become my passion!) Thanks all, and I hope to connect with you all soon!
- Real Estate Consultant
- Mendham, NJ
- 7,105
- Votes |
- 6,228
- Posts
Go to local real estate investor meetups, there are a lot of them in Chicago, and start networking. After a few months you will find out who is flipping and rehabbing and you can offer your sweat equity to help them and learn while you are there. Flipping is very hard without capital and experience (i.e. impossible) because you would have to rely on contractors who know you are new and will take you for a money ride while your hard money turns over in its grave. It's great that you know what you are interested, but YouTube can be good and very bad. Meet other young investors in your area asap.
- Jonathan Greene
- [email protected]
- Podcast Guest on Show #667
Hey @Randy Achi! Do you have an idea of the type(s) of properties that interest you the most? Single Family? 1-4 Mult-Family? 5+ MF?
Hey there @Randy Achi - Congrats on jumping on to the forums! It's a great first step to manifest your future reality. What aspects of real estate do you love? And why do you want it to become a passion?
Flipping is about as least passive as it comes, so just make sure you wrap your head around how much time and management it will take to be successful flipping.
For anyone getting started, I always suggest these 3 steps:
1. Educate/Learn (Read & listen)
2. Network (in-person events and online BP)
3. Take action (start when you are 80% ready!)
A great Chicago in person holiday event is coming up on 12/12 hope we can see you there! https://www.biggerpockets.com/forums/521/topics/1218823-chic...
- Jonathan Klemm
- [email protected]
#2 Rehabbing & House Flipping Contributor
- Residential Real Estate Agent
- Irvine, CA
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#2 Rehabbing & House Flipping Contributor
- Residential Real Estate Agent
- Irvine, CA
This is where a mentor would come into play big for you! Go to meetups locally see what others are doing and meet these people for coffee. You need to tap into someone that is local to you and is already doing this to shadow them till you can start doing this on your own. It might take a couple of years for you to really be in a place to go on your own, but a mentorship, internship, or even just getting hired at a larger flipping company would be a huge value to you just getting into this all!
- Peter Mckernan
Quote from @Randy Achi:
Hi everyone! I'm currently looking to get into real estate, and I find house flipping and repairs an interesting category to get into. However, I have very little knowledge about getting started. I have watched a few videos, but I want to be able to learn from others and really get hands-on experience (In general, I want this to become my passion!) Thanks all, and I hope to connect with you all soon!
Hey Randy, that's fantastic to hear that you're interested in house flipping and repairs—it’s an exciting and potentially lucrative path in real estate! Since you're just starting, the best approach is to focus on learning and networking while planning your first project.
Watching videos is a great foundation, but hands-on experience is where you’ll really grow. Start by connecting with local investors, contractors, or real estate meetups in your area. Many seasoned investors are willing to share insights, and shadowing someone experienced can fast-track your learning curve.
You'll also want to familiarize yourself with the numbers behind successful flips—acquisition costs, renovation budgets, and after-repair value (ARV). Having a clear understanding of these will help you avoid costly mistakes. If financing is part of your strategy, consider exploring fix-and-flip loans, which are tailored to help investors like you fund both the purchase and the rehab of properties.
Lastly, start small with your first project, ideally in a neighborhood where you understand the market dynamics. This minimizes risk and lets you build confidence as you gain more experience. If you need advice or help with financing as you grow in this venture, feel free to reach out anytime. Good luck! I’m excited for your journey!
Quote from @Jaycee Greene:
Hey @Randy Achi! Do you have an idea of the type(s) of properties that interest you the most? Single Family? 1-4 Mult-Family? 5+ MF?
Quote from @Jonathan Greene:
Go to local real estate investor meetups, there are a lot of them in Chicago, and start networking. After a few months you will find out who is flipping and rehabbing and you can offer your sweat equity to help them and learn while you are there. Flipping is very hard without capital and experience (i.e. impossible) because you would have to rely on contractors who know you are new and will take you for a money ride while your hard money turns over in its grave. It's great that you know what you are interested, but YouTube can be good and very bad. Meet other young investors in your area asap.
Hey @ Jonathan Greene, thank you for your response! I will definitely be looking for local investor meetup events around the Chicago and greater Chicago area. However, what are some common mistakes beginner real estate investors/Rehab flippers make?
Hey @Randy Achi! $150k is more than enough to get you started, but the issue is that right now it sounds as if it's "trapped" in another property as equity. Assuming you have a loan on that property you co-own, you'll need to "extract" that equity somehow and convert it to cash to be able to use it on another property.
Quote from @Jonathan Klemm:
Hey there @Randy Achi - Congrats on jumping on to the forums! It's a great first step to manifest your future reality. What aspects of real estate do you love? And why do you want it to become a passion?
Flipping is about as least passive as it comes, so just make sure you wrap your head around how much time and management it will take to be successful flipping.
For anyone getting started, I always suggest these 3 steps:
1. Educate/Learn (Read & listen)
2. Network (in-person events and online BP)
3. Take action (start when you are 80% ready!)
A great Chicago in person holiday event is coming up on 12/12 hope we can see you there! https://www.biggerpockets.com/forums/521/topics/1218823-chic...
Real estate investing has become a true passion of mine because I love the idea of taking a run-down, neglected property and transforming it into a home where people can truly enjoy living. The process of flipping and rehabbing isn’t just about the renovation itself—it’s about having a clear, long-term vision for the property and executing it step by step to bring that vision to life. There’s something incredibly rewarding about creating spaces that positively impact people’s lives.
Quote from @Peter Mckernan:
This is where a mentor would come into play big for you! Go to meetups locally see what others are doing and meet these people for coffee. You need to tap into someone that is local to you and is already doing this to shadow them till you can start doing this on your own. It might take a couple of years for you to really be in a place to go on your own, but a mentorship, internship, or even just getting hired at a larger flipping company would be a huge value to you just getting into this all!
Hey @Peter McKernan, thank you for your useful tips!
Quote from @Riley Poppell:
Quote from @Randy Achi:
Hi everyone! I'm currently looking to get into real estate, and I find house flipping and repairs an interesting category to get into. However, I have very little knowledge about getting started. I have watched a few videos, but I want to be able to learn from others and really get hands-on experience (In general, I want this to become my passion!) Thanks all, and I hope to connect with you all soon!
Hey Riley, I really appreciate you reaching out and offering to share resources with others in the industry is always invaluable! I’d definitely be interested in learning more about the group and any events they host on real estate investing and flipping. If you could send me the link, that would be great and much appreciated. I’m always eager to expand my knowledge and network with like-minded individuals. Thank you again!
Quote from @Randy Achi:
Quote from @Riley Poppell:
Quote from @Randy Achi:
Hi everyone! I'm currently looking to get into real estate, and I find house flipping and repairs an interesting category to get into. However, I have very little knowledge about getting started. I have watched a few videos, but I want to be able to learn from others and really get hands-on experience (In general, I want this to become my passion!) Thanks all, and I hope to connect with you all soon!
Hey Riley, I really appreciate you reaching out and offering to share resources with others in the industry is always invaluable! I’d definitely be interested in learning more about the group and any events they host on real estate investing and flipping. If you could send me the link, that would be great and much appreciated. I’m always eager to expand my knowledge and network with like-minded individuals. Thank you again!
To start flipping houses, learn fundamentals through books, podcasts, and online courses, build a network, start small, and practice repairs. Develop a team with essential members, focus on moderate property prices and high demand, and start with cosmetic flips. Evaluate and execute flips using software, monitor rehab, and plan exit strategies. Consider partnering with investors or lenders for scaling projects.
Good luck!
- Wale Lawal
- [email protected]
- (832) 776-9582
- Podcast Guest on Show #469
Quote from @Steven Stanimirovic:
Hey Randy, that's fantastic to hear that you're interested in house flipping and repairs—it’s an exciting and potentially lucrative path in real estate! Since you're just starting, the best approach is to focus on learning and networking while planning your first project.
Watching videos is a great foundation, but hands-on experience is where you’ll really grow. Start by connecting with local investors, contractors, or real estate meetups in your area. Many seasoned investors are willing to share insights, and shadowing someone experienced can fast-track your learning curve.
You'll also want to familiarize yourself with the numbers behind successful flips—acquisition costs, renovation budgets, and after-repair value (ARV). Having a clear understanding of these will help you avoid costly mistakes. If financing is part of your strategy, consider exploring fix-and-flip loans, which are tailored to help investors like you fund both the purchase and the rehab of properties.
Lastly, start small with your first project, ideally in a neighborhood where you understand the market dynamics. This minimizes risk and lets you build confidence as you gain more experience. If you need advice or help with financing as you grow in this venture, feel free to reach out anytime. Good luck! I’m excited for your journey!
Quote from @Steven Stanimirovic:
Lastly, start small with your first project, ideally in a neighborhood where you understand the market dynamics. This minimizes risk and lets you build confidence as you gain more experience. If you need advice or help with financing as you grow in this venture, feel free to reach out anytime. Good luck! I’m excited for your journey!
Great points—focus on networking, understanding your numbers, and starting with a manageable project. To add, leveraging fix-and-flip or BRRRR-specific financing can help you scale faster without overextending your personal funds. Know your market, stay disciplined with budgets, and build confidence with each deal.
Best regards, Stevan
- Real Estate Consultant
- Mendham, NJ
- 7,105
- Votes |
- 6,228
- Posts
Quote from @Randy Achi:
Quote from @Jonathan Greene:
Go to local real estate investor meetups, there are a lot of them in Chicago, and start networking. After a few months you will find out who is flipping and rehabbing and you can offer your sweat equity to help them and learn while you are there. Flipping is very hard without capital and experience (i.e. impossible) because you would have to rely on contractors who know you are new and will take you for a money ride while your hard money turns over in its grave. It's great that you know what you are interested, but YouTube can be good and very bad. Meet other young investors in your area asap.
Hey @ Jonathan Greene, thank you for your response! I will definitely be looking for local investor meetup events around the Chicago and greater Chicago area. However, what are some common mistakes beginner real estate investors/Rehab flippers make?
1. overestimate ARV
2. underestimate repair costs
3. trusting contractors
4. doing anything DIY or without permits
5. not counting holding costs, especially with hard money
Those are five common ones.
- Jonathan Greene
- [email protected]
- Podcast Guest on Show #667
Hi Randy!
It's awesome that you're diving into house flipping, rehabbing, and BRRRR strategies. Starting with education is key, so you're on the right track! I'd recommend networking with experienced investors, joining local real estate meetups, and exploring resources like BiggerPockets podcasts and forums.
For hands-on experience, consider partnering with seasoned flippers or shadowing contractors to learn the ropes. Also, focus on building a solid understanding of deal analysis, financing options, and project management—it’ll save you time and money in the long run.
Quote from @Jonathan Greene:
Quote from @Randy Achi:
Quote from @Jonathan Greene:
Go to local real estate investor meetups, there are a lot of them in Chicago, and start networking. After a few months you will find out who is flipping and rehabbing and you can offer your sweat equity to help them and learn while you are there. Flipping is very hard without capital and experience (i.e. impossible) because you would have to rely on contractors who know you are new and will take you for a money ride while your hard money turns over in its grave. It's great that you know what you are interested, but YouTube can be good and very bad. Meet other young investors in your area asap.
Hey @ Jonathan Greene, thank you for your response! I will definitely be looking for local investor meetup events around the Chicago and greater Chicago area. However, what are some common mistakes beginner real estate investors/Rehab flippers make?
1. overestimate ARV
2. underestimate repair costs
3. trusting contractors
4. doing anything DIY or without permits
5. not counting holding costs, especially with hard money
Those are five common ones.
- Real Estate Consultant
- Mendham, NJ
- 7,105
- Votes |
- 6,228
- Posts
Quote from @Randy Achi:
Quote from @Jonathan Greene:
Quote from @Randy Achi:
Quote from @Jonathan Greene:
Go to local real estate investor meetups, there are a lot of them in Chicago, and start networking. After a few months you will find out who is flipping and rehabbing and you can offer your sweat equity to help them and learn while you are there. Flipping is very hard without capital and experience (i.e. impossible) because you would have to rely on contractors who know you are new and will take you for a money ride while your hard money turns over in its grave. It's great that you know what you are interested, but YouTube can be good and very bad. Meet other young investors in your area asap.
Hey @ Jonathan Greene, thank you for your response! I will definitely be looking for local investor meetup events around the Chicago and greater Chicago area. However, what are some common mistakes beginner real estate investors/Rehab flippers make?
1. overestimate ARV
2. underestimate repair costs
3. trusting contractors
4. doing anything DIY or without permits
5. not counting holding costs, especially with hard money
Those are five common ones.
ALWAYS get permits if there is any question at all. A lot of subs want to get paid quicker and don't want to file and say you won't get caught for some things, but you will. Generally, if you are moving plumbing, you need a permit. If you are doing direct replacement, like replacing a sink, shower, and the stacks and pipes are staying, you probably do not. If you open up the wall to do something, you will need a permit for plumbing and electrical a lot of the time because they will want to see behind the wall before you close it. You want to figure out all of the permits you need at the start and apply for them all, get them, and then get to work. @Bruce Woodruff probably has some good advice for you as well.
- Jonathan Greene
- [email protected]
- Podcast Guest on Show #667
Quote from @Jaycee Greene:
Hey @Randy Achi! $150k is more than enough to get you started, but the issue is that right now it sounds as if it's "trapped" in another property as equity. Assuming you have a loan on that property you co-own, you'll need to "extract" that equity somehow and convert it to cash to be able to use it on another property.
Hey Jaycee, yes I would need to extract the equity and convert it to cash. However, I've researched different ways of doing this, such as a home equity loan, Home Equity line of credit, and cash-out refinance. I'm not 100% sure about each one's different benefits and cons, but which method would you recommend to use if you were in my position?
Quote from @Wale Lawal:
To start flipping houses, learn fundamentals through books, podcasts, and online courses, build a network, start small, and practice repairs. Develop a team with essential members, focus on moderate property prices and high demand, and start with cosmetic flips. Evaluate and execute flips using software, monitor rehab, and plan exit strategies. Consider partnering with investors or lenders for scaling projects.
Good luck!
Hey Wale Lawal, thank you for your insightful response! What types of software would you recommend for flipping properties and overall project management (executing the project)?
Quote from @Randy Achi:
Quote from @Jaycee Greene:
Hey @Randy Achi! $150k is more than enough to get you started, but the issue is that right now it sounds as if it's "trapped" in another property as equity. Assuming you have a loan on that property you co-own, you'll need to "extract" that equity somehow and convert it to cash to be able to use it on another property.
Hey Jaycee, yes I would need to extract the equity and convert it to cash. However, I've researched different ways of doing this, such as a home equity loan, Home Equity line of credit, and cash-out refinance. I'm not 100% sure about each one's different benefits and cons, but which method would you recommend to use if you were in my position?
If you're going to use the funds to buy another property, I'd recommend doing a cash out refi or possibly a home equity loan (depending on the terms) rather than a HELOC. And I would suspect a cash out refi will give better terms than a home equity loan, but I'd need to see the 2 different options side by side.
#1 Rehabbing & House Flipping Contributor
- Contractor/Investor/Consultant
- West Valley Phoenix
- 13,246
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#1 Rehabbing & House Flipping Contributor
- Contractor/Investor/Consultant
- West Valley Phoenix
Quote from @Randy Achi:
Now does everyone do this? No, of course not. It's a big PITA, costs more and sloes down the project. But on a large job where you;re just getting a remodel permit anyway, it's a no-brainer. Always better to have the permit closed out (not open) and available for a new buyer to see.....not having work inspected just makes everyone nervous and wondering why, and what else you might have skimped on....
#4 Medium-Term Rentals Contributor
- Lender
Networking and doing as much research (reading, etc) before starting are you best bets. Try and undertake fairly simple projects for your first couple even if the returns are not as impressive as you hope (still make sure there is sufficient profit). There will be lots of learning as you go so be prepared to bumps in the road and learn from every experience/situation