Need Advice--I'm New

[James Friedrichsen]

Hello All,
I am interested in knowing the Ins-and Outs of rehabbing houses from someone that has done it before. I am a DIY Guru but, want to know the nitty gritty of the entire process from start to finish. I am in the military so my first project will probably be slower to get the jist of it all. Any help whatsoever will be greatly Appreciated!

[Luis A.]

James, what you are asking would take a small book to explain because there is so much to learn and do. However as a prior military man myself and once a beginner in real estate i also understand what you are trying to do.

First off Raymond points you to an excellent site and resource. I have learned a lot from J Scott and have been able to flip 10 houses in the past couple of years here in Atlanta. Because I had the same questions you had when I was starting I had chronicled a lot of my lessons learned and given a lot of flipping tips and tools in my site to help out people like you. If you are interested just follow the link in my signature.

As far as your biggest question goes, how to find the deal, there are numerous ways. I find most of my deals in the multiple listing service (MLS) because they are bank owned houses that are in need of repair. I buy them cash and hire all the renovation work out.

I have been able to get some very good deals like this because the inventory of bank owned homes in my area is very high. There are also numerous other ways of finding deals and that will also depend on the area that you are in.

You can buy houses at foreclosure auctions, through HUD or VA foreclosures, you can advertise to attract distressed homeowners and buy directly from them, you can buy through wholesalers (someone that finds a property for you at a low price) and more.

If you have a constructions background then that will help you in the rehab process but by far the most important skill in rehabbing and flipping is finding the deal.

It will also be important to know the specific laws and regulations of the market you will be investing in. I could tell you the ones for Georgia but they could be useless where you are at.

It is best that you sit down and spend some serious quality time studying and reading, that is how I started. Wether it's books from the library, this site or blogs from experienced rehabbers, education is always the first step in this business.

I'll be glad to answer any question you might have.