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Mel Park
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89
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I want to rehab/flip - how to start?

Mel Park
Posted Oct 14 2021, 16:04

Experience: I own (2) units-  but they were turn-key, and are stable rentals. 

Strengths: Very liquid. For a deal, I'm ready to go.  Have done well in my previous business life (not house related). Also, full of time - I'm 46, and sold my company a year ago. 

Weakness: Can't fix a lightbulb, I'd be dependent on a General Contractor.  Also, I have no clue ....how to start.  

Geography:  Prefer suburbs.  Philly, Raleigh, Atlanta. 

Ny newbie vision.....  

1.)Pick my geography, find a realtor specializing in investors/flippers.  I'd like someone who can tell me..... "look, XYZ development in XYZ, NC - is  coming up or in demand. If you buy this, put around $75k into it......current market says you'll sell it for XYZ"

2,)Find a General Contractor - who understands what an investor wants, and have a relationship. That means - he tends to my project in a timely manner - and while I don't want to be fleeced, I'm fine with him making a good profit, and making sure he's paid correctly and on time.

I'd like the realtor to identify the unit.....and then have my GC go in and give me a rough estimate......and then be it cash or finance - do the deal and start.   I know I can't do the manual work myself, but I'd like to be visible on site - partially to get used to the flow, hear the kibitzing about buying materials, observing things about home repair - -and the work team sees that I'm visible, and watching. 

I just don't know how to start. Or WHO to contact.  I don't have HGTV visions of quitting my job and becoming Jeff Bezos. I don't go to free dinner seminars on get rich quick.  I've owned medium sized companies, been rather profitable, and feel I'm in a position - with a little luck to stay retired forever.   I'd like to start with ONE flip, and learn lessons bad and good - and then see if I can do, 1-3 per year.   Goal is not just to 'chase the dollar' which I like doing.....but also, yeah, to make some money.    Any suggestions, any at all would be appreciated. Thanks

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