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Updated about 4 years ago, 09/26/2020
Newbie in Delaware seeking advice
Hello I'm interested in learning the in and outs of flipping houses. I would like to get advice on how to start.
Have you decided what you want to focus on? You could be the guy who arranges the funds to buy the property and hires someone to rehab it, you could be the guy doing the rehab work, or the guy who finds the deal. You could be all 3, of course, but probably better to focus on one area first.
I am not a flipper myself, I am a buy and hold investor, but hopefully others will chime in with more useful advice.
@Lerone Blatch what could you bring to the table to assist an experienced flipper!in exchange for mentorship?
I highly recommend "The Book on Flipping Houses" by J Scott.
@Rumen Mladenov Thank you I want to be the one who find the funds and arrange the deals I have someone to do the rehabbing.
@Lerone Blatch Do you plan to use own funds? Many of the potential deals we run across are not suitable for conventional mortgages, you would need to pay cash or use a lender who can close quickly (hard money lender). For example, you can't go to the sheriff sales hoping to get approved for a mortgage after you have the winning bid... Wholesalers also require fast closings for their deals.
@Lerone Blatch I suggest you start with reading up on some blogs/articles on this site. Free, pretty reliable, and quick. Then I would move on to books. I think a great one is Flip: How to Find, Fix, and Sell Houses for Profit. That is has been a tried and true resource for many flippers over the past 20 years or so. It is updated every few years so it remains current. There is also a great store on this site with book offerings. The final step (this would normally be one of the first steps but not with COVID) is to attend local meets ups. Not sure what Delaware is like but Texas is starting to have meets ups again. Network but know that there are a lot of snakes out there who will pretend to be big time flippers when they maybe struggled through one deal. Just be sure with all the info you get from podcasts, books, and especially from networking and forums, VERIFY. You need to double check everything. Never just take someone's word.
I wish you luck on your adventure and hope you get started well.