Bringing a Team Together to Flip

[Brook W.]

I live in a safe, affordable neighborhood with a low crime rate, and own a rental property here too. However, there is a lot of blight and some homes are in desperate need of upkeep. Strange place. There's a gorgeous old brick home in a very prominent corner of the neighborhood and after living here for several years I am confident it would be easy to rent out. It hasn't been lived in for many years, and all the copper is gone and it needs significant work.

Now-- I have a regular job unrelated to real estate and two properties and our own home that keep me fairly busy. I am not in a place where I want to project manage my own flip. But I have worked with some people in financing the rehab of some blighted properties in a nearby neighborhood. It would make a big impact in the neighborhood that I am already very invested in, and I think it would make money in the end.

I set up a meeting with one of the guys I worked with on a rehab project to talk to him about it... How would you go about doing this? The guys I've worked with have held onto the properties they rehab but I am interested in owning this place once it is finished. And I think a combination of improvement loan and private money is very do-able-- we have come up with it before and can do it again.

What would your first steps be? Any tips?