Hi BP Community,
I'm a new investor looking to start renovating and flipping SFH in/near San Diego. I have a few unanswered questions that are preventing me from starting to find and analyze deals. It would be greatly appreciated if I could get some answers/opinions from the BP community on the following questions.
1. I plan to start in the 92117 (Bay Park, Bay Ho, Clairemont) because that's near where I live and it's easy for me to become familiar with the types of homes there. The homes prices go up to around 1.4M and I have financing to do deals in any range here. Is this a good place to flip homes? And, are there other zip codes in SD county that would be beneficial to look at to flip SFH?
2. The biggest unknown that is preventing me from effectively analyzing deals is renovation cost. Does anyone have any recommendations on how I can become more familiar with these costs? Additionally, does anyone have any reliable contractors they can recommend so I might call and get mock estimates from them?
3. One contractor told me that no one uses licensed contractors in the flipping business unless they're adding square footage. Is this true? What kind of trouble can you expect if you don't use the proper licensing and permits?
Thanks!
Jim Roslund
