How to go about getting started in flipping homes in illinois

8 Replies

Hi everyone. I am new to this forum. I really want to get started in flipping homes. I do need some coaching and mentoring in this area. I would like to find someone in the Rockford, Illinois area.

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Hi and welcome to bigger pockets! Why rockford IL, if I may ask? We started flipping houses this year and are on our 3rd and 4th flips so we are having some reasonable success in Illinois. We aren't however concentrating on a specific city trying to go where the deals are!

If you are closer to Chicago look up the Chicago Creative Investors Association run by Jane Garvey. In Rockford look up the Rockford Apartment Owner's Associatrion. On LIne look up Illinois REIA..

@Tammyy Crook - Welcome to BP!

I agree with @Philip Williams - 1. Why rockford? 2. Go where the deals are, just make sure you know the market or have someone on your side who does! 

I just know the Rockford market has some deals, but I know there's seriously declining areas and sales and prices can be a problem, so I hope you know the market well! However, there's lots of nice places around you that have great prices and where the market is recovering and sales prices are growing.

Otherwise (to answer your question finally!), if you already have the money, look for properties that fit within that amount and analyze how much it will take to put in them and what they might sell for (look for sold and active comps -- sold can give you an idea of the appraisal value and active will show you the market value -- both are important and can be very different!). From there, once you've been in a few and know what you want to do (start more cosmetic and easy or go for the moon and do major reno?) and start making offers! Make sure you have your plan and team put together, how you're going to sell and promote, and if it doesn't sell, what is your exit strategy. 

Do a google search for "flipping"+"bp podcasts" and download and listen to as many as you can in the meanwhile if you haven't already! Good luck!

Tammy, 1st learn the market.  Hook up with a Realtor that knows the area well and won't mind putting in the time with you as you look for that right deal.  2nd, figure out your financing/finances.  Will you buy and renovate with cash?  Or reno loan?  Combination of both?  Maybe hard money loan?  A big chunk of profit goes towards interest and overhead.  Figure out where the money will be coming from and have your financing set.  3rd, find a contractor that is affordable and trustworthy.  Make sure they too will be patient with you as right now to find a good flip you'll have to look at a lot of properties.  If you have any questions, feel free to ask.