Help as what to look for in a first time property flip

Real Estate Agent · San Jose, CA · Member since 2013 · 8 posts · 2 votes

I recently just received my real estate license and im trying to look for a good beginner property to flip. Im looking for an REO or bank owned property and will be paying cash. Any tips or pointers in the right direction will be greatly appreciated! Im pretty nervous getting my first property, but I am trying to do all the homework so that I dont get in over my head. Thank you in advance!

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Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
12y
Adam
You make your money when you buy right.
In PA I have buddies getting SFR from the County Tax Repository Sales for $500-2,500 each.
Paul
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Account Closed
Real Estate Investor · Myrtle Beach, SC · Member since 2012 · 299 posts · 104 votes
12y
Wow that is a big question.
If you have not yet grab the house flipping book on here will help you a lot.
I will give you four things,
One: look for something with a min profit of 25%
Two: Stay away from major electrical work
Three: Foundation
Four: Roofing
Stick to the easy House first to get your feet wet. You will pay more but that will be less of a nightmare for a new flipper.
Good luck and let us all know how it goes.
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Adam Ackley
OP
Real Estate Agent · San Jose, CA · Member since 2013 · 8 posts · 2 votes
12y
Sydney, thank you. I actually just did order the book today.

Mainly looking to get something that needs minor cosmetic work. I'm fairly knowledgeable in construction, so I have some idea as what to look for and stay away from.
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