Checklist for a first flip

[Bryan Satter]

Hi everyone! My first post, so thanks in advance for the insight!

After years of reading, studying, talking, etc., I vowed to jump in the pool in 2015. Best way to learn is to do... my goal is to undertake a flip project. I have met with an agent who is sending me potential projects every day. I have been working to secure funding so that when the right project comes available I am ready to pounce. 

But how to proceed from here... my thought is I should go and look at some potential properties to get a feel for what they are like and to begin an analysis of its' potential. Early on I would not care so much about getting the property, but more so going through the exercise of evaluating its profitability. Does this make sense? And if I go look at a property, what is my best strategy to estimate expenses? Speak to my contractor contacts and ask for estimates? Get someone to come and look with me (I dont want to waste anyone's time, and is it realistic to have a contractor come and look at every house I look at?)

I want to take this next step forward, so any input is greatly appreciated!

Thanks!

[Rodney Marcantel]

Get J Scott's book "The Book on Estimating Rehabs" here on Bigger Pockets. Learning how to estimate repairs during a walk through will help you obtain better and more realistic rehab numbers. I'm reading his book and love it. It is a lot of what I already know, but he puts it in a perspective that helps me see better and calculate better the actual rehab costs.