Originally posted by @Jay Hinrichs:
Originally posted by @Liz Cole:
Originally posted by @Dean Letfus:
I've seen more people lose money doing what you want to try without any experience than almost any other endeavour.
Why not get a thousand dollars and set fire to it on the back lawn.. If you enjoy that then get long distance rehabbing :-).
On a more serious note you would be better to start with learning the ropes on some easier deals first to reduce your risk of capital loss.
I hope you understand the reason nobody is just answering your question is because our collective experience says it's a really, really, stupid and dangerous idea. The fact you ask the question says you shouldn't be doing it yet.
@Dean Letfus So moving to an area that is basically 3 hours from my current residence and Flipping a house is a stupid and dangerous idea.. And if I don't ask a question Dean, how do I learn? I was looking for tips and things to ask contractors and RE Agents to see if they "fit" with my goal.
Please share what you think I should do instead?
I'm smart, creative and a hard worker. I good with people. They like and trust me. I have some background that is useful. I have time (right now) and a little money. Nothing up to Jay's standards, but a little. And I've wanted to get in the business for years.
I'm attentive..
two things I know you did not ask me but since I am on a roll thought I would chime in.
1. think about being a secured lender for a VERY good rehabber.. give them sweet heart terms in exchange to shadow them and or share some subs etc.. create that relationship with someone your know is already successful but bring them some value IE cheap money.
2. equity partner same theory you do the money part and show up on the job daily :) learn as you go.
3. one easy way to find out who is a good flipper in your area is to invest with a very established local HML he will have all the best flippers pretty much already vetted.
lastly what ever you do.. when you try to hire this GC or who ever is going to be your main point person.. Simply treat them like you would a tenant.. ask for a 1003 so you can run credit and do a criminal background.. You may be shocked at what you find and see.... and if they balk means there something there that they are hiding and its next.
It always amazes me what people will put a tenant through that is just going to live in your rental and pay you 700 a month.. but for someone your going to give 100k or more to in a project you do nothing but go on gut feeling and a few referrals maybe.
Awesome advice! Thank you Jay.
I hate to admit this to you, but I don't know any rehabbers locally. I have reached out to RE Agents I know locally but they haven't given me any names. I know a husband/wife team (acquaintance) that wholesales. I would gladly be an equity partner and be on the job and learn, learn, learn. (I just recently have the time that I didn't have before) ..
Contacting HML is a great idea. I have also been trying to find out about Meet up groups and just recently found one in Marysville.
Locally I know good people in the sub-contracting world that I trust (concrete, painting, framers, electricians and plumbers). Just not in the areas I was looking at.
