Advice for getting started.

[Randy Tilson]

Hi there!  I wouldn't necessarily call myself new to real estate, however I am wanting to expand and shift directions a bit.  Asking for help is not necessarily one of my strong points, however I truly believe in the knowledge that exists within this forum, and I would highly value any and all mentorship that may be available to help get me going in the right direction.  Currently, I am a seasoned Contractor / Residential Builder working for clients.  I would like to expand and take on projects of my own, starting with home flips.  I have home equity that I could use to get going, however it would be a stretch to handle both the acquisition and repairs of a property.   I feel like it may be good to also establish a relationship with a lender to streamline future projects.  To summarize, I am fully equipped, licensed, and knowledgeable to handle all aspects of the actual repair, however my ignorance lies within the funding (hard money) and the business aspects of home flipping.  Thanks in advance for any and all advice you all have!   

[Mackaylee Beach]

BiggerPockets is indeed an excellent platform for expanding your knowledge and networking. It also provides plenty of tools for learning.

Have you looked into attending local meetings and joining facebook groups?

[Patrick Roberts]

REI Central in Charleston is an excellent place to network locally, and CHS Circle is another good local meetup. With flips, one of the biggest unknowns is the rehab costs, which is where you'll have an advantage. Using the equity in your home via a heloc/2nd mortgage is an option, but your home will be at risk if your deal goes sideways and youre unable to make the payments. You'll also want to partner with a knowledgeable realtor in planning the exit to help you understand what features/amenities/whatever are important in the rehab and which arent, as well as what an expected ARV will be. Figuring out the funding component is fairly straightforward from there.

As far as hard money, most institutional hard money lenders will want to see that you have some kind of RE flipping/investing experience. Private lenders or a JV with an equity partner may be a better starting point for you. There are also Conventional rehab loan options that may or may not work, depending on the deal specs.

Im local and can connect you with a few realtors, private lenders, and a construction lender that may be good fits for you. I also know a few experienced flippers who might be interested in meeting you to work together on projects. Im focused mostly on the permanent financing part of the equation and dont currently offer hard money/ABL lending products, but I'm more than happy to connect you with everyone. Just shoot me a DM or give me a call. 

[Randy Tilson]

Mackaylee, Thanks for the response.

I have passively thought about that, but now that you mention it, I will seriously look into that as a next step.  

[Randy Tilson]

Thanks Patrick, I will definitely look into attending those groups.  I really appreciate your time in providing those suggestions as well.  It's certainly nice to have the input from individuals from within the industry.   

[Mike Klarman]

I have a client in Chester SC and I have funded 4 deals for him.  I am familiar with the market.