First Flip Recommendations?

Question

Hey Everyone!

I am sure I have missed this among the thousands of blog articles and forum posts, but I am looking for a little advice if anyone can point me in the right direction.
I am interested in flipping my first house within the next year (I do not have a deal yet, but I am looking).
I understand that the general trend for selling is during the summer or early fall months.
Does anyone have any recommendations on a rough time frame for buying a property? With this being my first one, I would like to try to sell during the hotter market months rather than sit on it through next winter and I am having trouble estimating a rehab time frame.

Any thoughts on this would be highly appreciated!
-Alex

Account Closed · Answer

It could take 1 day or months to find the right property In the winter there is less competition and more motivated sellers buy when you find the deal If the deal is good enough the buyers will appear

Alex Linden · Answer

Hi Ramon and thank you for the welcome!

I do not own a primary as of yet.

That sounds like an excellent idea, thank you for the tip!

Ramon Cuevas · Answer

Hello Alex and welcome to BP. Do you own a primary home? If you don't, my advice would be to start there. You can find something that needs a little bit of work and house hack which means live there while you remodel at your own pace. My family and I recently bought an older home in an up and coming area. We have plans to update the kitchen and bathrooms while living here for at least one year in order to comply with owner occupancy requirements, once the year is up we could sell for a profit or rent it and buy another property.

Good luck!

Alex Linden · Answer

Hmm, that makes sense. I assumed the best time to buy would be during the winter as prices seem to drop due to lower competition.

I will have to ramp up my search efforts and try to get something set up.

I have the whole newbie nervousness, have to find that happy medium between caution and analysis paralysis.

Thank you both very much for the input!

Thomas S. · Answer

When ever you find a good deal just go for it. You want the Reno to take as short of a period of time as possible. Carrying costs eat up profits. Ideally 3-4 months. Provided you design the Reno to suite your market, not your own personal taste, and price it competitively there will always be a buyer regardless of the time of year.