How Do I Get Into Flipping Houses

Question

Hi Everyone, I'm new here. I'm a new agent working in Manhattan in mostly rentals, however I would like to flip houses. Has anyone done this? How did you get started? And how much cash do I really need and whats a good way to find investors?

Any knowledge you have would be greatly appreciated it.

Thanks So Much!!

Any knowledge you have would be greatly appreciated it.

Thanks So Much!!

Evangeline Dardouni · Answer

Thanks so much!! that is very helpful. You are the second person in two days to tell me to find someone doing it and asking to just tag along or even work for them just to learn the ropes. Thanks again for responding!!!

Brandon Thomas · Answer

That is a great question. I am a new investor myself with very little real estate experience. I have met a real estate investor in Orlando, Fl @Andrew Davis who has been mentoring me and allowing me to essentially intern with him and gain experience. He also gave me an awesome book to read named millionaire real estate investor by Gary Keller and introduced me to the bigger pockets website and all it has to offer. You are already on this site so you are going in the right direction.  I would definitely recommend getting a mentor and also reading the Millionaire real estate investor as it has been a great read with sound concepts for starting an REI business. The next step after that is actually doing a deal which I have yet to do but am preparing myself for when the opportunity comes. Good luck and God bless in your new journey

Sterling White · Answer

You are more then welcome and best of luck on your venture @Evangeline Dardouni

Mark Nolan · Answer

@Evangeline Dardouni

Welcome to Bigger Pockets. It is a good place to connect with real estate professionals and to learn about real estate. For example, you set up key word alerts. http://www.biggerpockets.com/alerts

Troy Durrette · Answer

@Evangeline Dardouni, @Brandon Thomas @Andrew Davis, @Jo-Ann Lapine, @Sterling White, has given you all you need to get started but the MORE you ask, the more you will get.

Todd S. · Answer

First and foremost, educate yourself in every aspect of flipping.  Literally immerse yourself in it to the point of near obsession.  Next, build your team (contractors, lawyers for business entity, title company).  Since you are a new agent, learn the ins and outs of REO's.  Finally, make sure you have your financing in place.  Hard money is a great option as long as your numbers will support the costs.

Sterling White · Answer

Welcome to the site @Evangeline Dardouni! I would network with people who are already doing what you would like to achieve in your market. A great way to get started is to find a fix&flip deal and either wholesale or partner with someone on it. If you wholesale it simply ask the person to tag along during rehab process if possible.

Hope that helps

Andrew Davis · Answer

Hey @Evangeline Dardouni, @Brandon Thomas gives some great advice.

Congratulations on getting started in Real Estate.  You ask some great questions, and you'll find all the answers and more here on BP.

This should help:

Start here. You'll get a wealth of REI knowledge and learn how to take full advantage of Bigger Pockets (including how to connect with other           investors).

Listen to the podcasts , get active on the forums & set up key word alerts to be notified when people are discussing topics you're interested in.

Also, check out this guide that @Brandon Turner wrote specifically for agents working with investors:

http://www.biggerpockets.com/renewsblog/2013/08/24...

I'm an active investor/agent in Central Florida, so feel free to reach out anytime.

I wish you all the best Evangeline!

Jo-Ann Lapin · Answer

Welcome to BP. This is great place to start. I too agree that you do need a mentor. Put some feelers out too for good reputable investment clubs in your area..  Tons of networking and true exposure as to what is happening in the market. May be worthwhile to intially  partner up with a mentor. Learn the ropes so to speak. There is a real learning curve and many aspects that one has to account for.

All the best;

Jo-Ann lapin

Yinan Q. · Answer

@Evangeline Dardouni, welcome to BP! You will find answers to all your questions here.

I think this is a good place to get you started. Also, check out the flip forum and the BP podcasts. There are quite a few of them on flipping houses.

How Do I Get Into Flipping Houses

Most Popular Reply