Getting started on Fix and Flip

2 Replies

Hello everyone! I am a recent college grad looking to get started in fix & flips. Please bear with me, I know close to nothing. I have purchased books and will be doing research for as long as I have to before getting started. I want to be as educated as possible before I begin. 

Any tips on how to spot a good deal? and where to look for homes?

This is an example, but if a home on zillow is being sold for about $40k and the estimated home value is around $108k, do you believe this number at all? Should I avoid zillow in general (back to my first question, where should I look)? 

@Elaine Chevalier

You should find some local real estate investor meetups to attend first off. Try meetup.com and Bigger Pockets events section.

At the same time, start running the numbers and getting familiar with them. Use the Bigger Pockets calculators and see how the numbers change things. Also, look at other people's numbers here in the BP forums. The more deals you look at, the better you will get at analyzing them.

To start looking for deals, just use Zillow, Redfin, realtor.com or one of those.

Zillow's Zestimate is an automated number. Zillow has never been in any of the homes that it puts a value on. It's just an algorithym. Use it as a sanity check but do your own research. 

@Geordy Rostad

Thank you so much! What kind of questions should I have for investors in my area? Eg, which area's market value is rising, etc. or are there resources that you can point me to with the questions that I should be asking the people I meet at investing events? 

Anyone feel free to answer these questions as well! Thank you again.