Investors LB LA OC Counties / Flipping homes

[Faye Vio]

Please kindly shed some light my way for those who are Actively Investing Today. I appreciate your feedback. 

I am in the Long Beach, Orange County, Los Angeles areas, and a newbie to RE investing. 

My question for those investors in my areas who are buying homes and flipping, what are the timeline to flip back to market? 

I would like to flip every 2 to 3 months, with my goal of 6 homes / per year?? is this realistic?? 

I am focusing on SFH's.

I plan with Hard Lending or Gap Lending loans to furnish my deals. 

Thank you, appreciate any feedbacks.

[Heath Clendenning]

@Faye Vio First of all, welcome. Feel free to reach out to me 1:1 whenever you want. 

It is not realistic for you to find, purchase, renovate, list and sell in 2-3 months. Just the escrow period these days is 40-45 days for anyone with a loan. 

You may have a scenario where your contractor is lined up, cash is ready, the home requires no additional work and after a fast upgrade, you receive an all-cash offer without any contingencies. But... that is highly unlikely. 

Plan on:

- 2 weeks to acquire keys to the property

- 4-6 weeks on a standard full remodel (under 2500 square feet)

- add in 2 weeks for buffer, staging & other fixes

- Time on market: 45 days

- Escrow: 45 days

If you are fortunate to get the right buyer and offer to speed things up, that's wonderful, but never plan on it.

Also: I would highly suggest not using HML anymore. The rates and points-up-front make the profitability nearly impossible. The margins are thin again. Use all cash, or partner with someone else on an all-cash flip. You can gain experience while making some money.