All Forum Posts by: Jared Lichtin

@Vic Delgado

Yes, this technically was my first flip.. I had done one other before this but it wasn't as extensive.  I almost forgot I posted about this!  I found it on the mls after a steep price drop, motivated sellers, probate situation.  I ended up only netting about 12,000 but it was a great learning experience and I did alot better on my next few.  I am actually also podcasting about my flipping now!  Check it out below in my signature! (www.FlipJL.com)
@Vic Delgado

Thanks @Jorge S.! Sorry it took so long to respond!

Start learning your market and network with other investors in your area. You're in a good spot.. Just gain as much knowledge as you can

Yes.. Typically they are fairer on price, because they know they can do so many more deals w you, and they don't try to over bill you because they assume your knowledge is above average. It's ok to tell him.. Make sure a good pay structure for the job is laid out first.. And double check referrals and Angie's list

Hello, BP. For those of you who don't know me, my name is Jared and I am.. WAS an oil & gas attorney at a large law firm in Ohio. I found BP in 2011 when I was in law school. I loved it.. the engagement, the content, the podcast. I loved everything about it. It was the only one stop shop where real estate investors as a community could meet, network and get deals done. So, throughout 2011-2012, when I was in law school & studying for the bar exam, I absorbed everything I could.

To make a long story short, I already had a good general contractor, who I used on my first couple flips right when I started working after the bar. From 2013-2014, I flipped 4 homes.. one took forever, and one came close to breaking even. I did this all while holding my full time job.

Basically, my job was helping the oil companies frack for natural gas, sell & buy leases, get royalties, etc. Regardless of your political beliefs on that, I was miserable at work. Usually 60 hours a week and 10 hours on top of that traveling in my car to remote areas where I had to run title to oil & gas property in the courthouse or drive from Cleveland to Pittsburgh to draft mineral title opinions. So, I couldn't really amp up my real estate investing operation until I quit.

Things were dead for a few months, when I finally picked up a really good deal (after some crafty negotiating) on another house in December 2014. I talked it over w my girlfriend & family, and I realized.. "I'm sick of this crap.. I'm sick of being taken advantage of at work.. I know I can make money at this.. and I know I want to be an entrepreneur, even if the real estate investing stays as a side thing." I decided that I wanted to quit, but I also wanted to give back. How was I going to do that? Well, I had always been a fan of the biggerpockets podcast, and other podcasts, like 'startup' or 'entrepreneur on fire'. I decided to give back with my own podcast.

A lot of podcasts I listen to are interview based, but I wanted mine to include some narrative, following my journey of house flipping. I thought that I could do an interview with a pro, then the rest of the week kind of update listeners on the work being done, how much I am paying, and the problems I encounter. I called my podcast 'Flip', and I have gained a decent amount of traction since I launched on March 16. I have interviewed several real estate heroes of mine, but I am most excited about tomorrow's episode...

I could not have started filling houses without reading 'The Book on Estimating Rehab Costs' & 'The Book on Flipping Houses' by @J Scott. J was gracious enough to Skype me last week, and he just knocked his interview out of the park! I think we more than doubled the alotted time for it, so I am going to release it as a 2-parter, Monday April 20 & Tuesday April 21. In the episode, we mainly focus on estimating rehab costs, but since my podcast is meant to teach beginners the basics, I think it's really applicable to everyone who rents, flips, or wholesales. Everyone needs to put together a scope of work, or have a general understanding of what needs to be completed in a project.

For those of you who don't know me, or haven't heard of the ‘Flip’ podcast, I would like to extend you this informal invitation to connect with me on BP & subscribe to my podcast on iTunes. A link to my podcast is below, and also to an interview I did on the podcast “How to Quit Working”, where I detail my job quitting to real estate story.

Finally, if you would like to be interviewed on the podcast, I am always looking for real estate investors,contractors, agents & lenders to interview about their real estate investing. Connect with me on BP & message me if interested. Enjoy the 'Flip' podcast!

Flip Podcast

http://howtoquitworking.com/flip-houses-and-quit-y...

Welcome @Justin Vaughan! Texas is a great place to invest.  I spent a lot of time in Houston and I am moving back soon.  Definitely focus on what you have to do to learn the basics, network with other like minded investors in your neighborhood, and be relentless!!

Welcome @Susan Fagnant-Patry! BP is a great place to meet and network with other contractors investors lenders... everyone.  What's your situation?  Do you have an understanding of your local market and what good prices are in good neighborhoods?

Great work man! Akron can be tricky.. Well done.

Welcome @Ben Haner! Definitely take your time in the beginning, the right deal has a way of falling right into your lap.

I would have started earlier... high school earlier.

I worked in oil & gas for a long time, and I think the fact that oil prices are still low is supporting the market.  That being said, if things take a turn for the worst in the Middle East, oil prices go up, and we are in an election year (unpredictability) Things could get real bad for the stock market next year.  Hopefully that pushes alot more private money into the real estate sector :)