HELP!!! New to flipping

[Jefferson Harmon]

I want to start the BRRRR process soon. I wasn't expecting to flip....however, I have an off market deal that just fell into my lap. If done right I can make a great profit and reinvest that into the BRRRR's. I would like to do this flip minimizing the amount of headaches, and that is why I am reaching out to you. What are the do's and don'ts of flipping?

Thanks in advance!

[Ben Nelson]

Hey @Jefferson Harmon - congrats on having a deal fall in your lap. ;) I think there are a couple ways you go go about this. You could consider adding in an experienced flipper as a partner and split the profits. Yes, you’ll get less, BUT maybe not as much less as you’d think. A good rehabber will know what to do and not do for improving the property, will be able to do it more efficiently and save time and holding costs, and probably will save you money on the remodel itself. Just something to consider. If you decide to take it on yourself, hire a competent GC (make sure you vet them thoroughly), and DON’T over improve the property. Look at what other similar homes are selling for in that neighborhood and bring this one up to that level, but not beyond…maybe ever so slightly to make it enticing, but not over the top.

Best of luck!