I have read many blogs and books regarding flipping. I already own a large rental property in Philadelphia. That seems to be going well, but I want more. I want to try my hand at flipping a property in Wilmington, De. Are there any local investors that may be able to lend there knowledge, success, mistakes, and lessons learned to a flipping newbie?
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need. You can find someone experienced to work with.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Hi Kohren - I have a similar interest in the Wilmington area. From the research I have done and the time I have spent there in person, the purchase / rental prices can change drastically between neighborhoods, some of which are only within a few blocks of each other. In the lower priced neighborhoods (where you will likely get the best cash flow), the violent crime appears to be concentrated on certain streets, so I have been trying to focus on the streets that do not have those reoccurring incidents.
If you do not live in New Castle County DE, you are required to have a property manger. I am not sure how strict their definition of a property manager is, but that is a law to consider nonetheless.
I do not own any properties there yet, so please take what I say with that in mind. I hope this helps though. Please let us know if you end up connecting with anyone that could give more color on Wilmington. Good luck!
Hi @Account Closed - I ended up moving the focus of my business to Philadelphia, PA and Tampa, FL. Although the cash flow was good in a lot of the neighborhoods in Wilmington, it just did not have the population or job growth, particularly among the creative class, to make it favorable enough for me to be a buy and hold investor there.
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