First time home flip!

2 Replies

Hello all! My name is Blake and I’m 23 years old. I am rather new to real estate investing. I have helped a good friend, my “mentor”, with a house flip this year and want to take one on myself. I don’t have a lot of capital to help with the flip. I am posting on the forum to get some tips and ideas from all of you on whether I should do a home or a condo for my first flip, and the best way to go about doing it. I am pretty handy, and whatever I don’t know, I can learn rather quickly. I have listened to quite a few Bigger Pockets podcasts and have read Rich Dad, Poor Dad to help me start my real estate journey! All responses are helpful and much appreciated! Thank you! Blake.

If you're concerned about costs, maybe a smaller condo may be better for you. The downside of condos is the all of the restrictions via the HOA. I know a contractor who did work on a condo and it took almost a year to finish due to the HOA jumping in and shutting down the project and forcing extra requirements be met due to all the noise that was being made.

Also, some condos will only allow a certain percentage of units to be used for non-owner occupied buyers so you'll want to check with that.

If you're pretty handy, DIY can save thousands, but you must also factor in the amount of time you spend on the doing the project. The time value of money should always be considered. Doesn't do you any good to spend 7 months on a project to save 10k when you could have finished and sold it in 3 months and possibly have done 2 projects by that time.

My first house I found abandoned In a farmers field.

Went to the county clerks, looked up the owner and sent them a letter offering to buy it as is for a small amount down, monthly payments and balloon in two years.

Worked out very nicely for me