I'm new to this. However, I have been analyzing the house-flipping industry for the past two years. Seeing so many success stories and networking take place through this industry excites me. Now, I want to take action and start up in this industry.
Without any previous hands-on experience, I am turning to you guys for any feedback or help you may have for me.
Thank you very much,
Daniel J Walker
Hey Daniel, welcome to the show my friend! It is awesome that you are deciding to get started in real estate. I suggest you listen to the BiggerPockets podcasts for starters. Contains plenty of great interviews with RE investors sharing their knowledge about real estate. Check out the casts pertaining to wholesales. Wholesale deals are a great way to find good deals on homes so that you may rake in a high profit.
-There is a whole lot more to the process than just that however. I'm sure you will find guidance by just engaging in the BP community and asking questions. If you would like to chat I would be glad to help steer you in the right direction.
Use all the resources BiggerPockets has to offer. If you're wanting to get started in flipping, look through the podcasts for the ones that are mainly about flipping (J Scott on episode 10 is a good start) and also browse the forums every day. There's a forum category dedicated to rehabbing and flipping.
I would strongly recommend picking up a copy of J Scott's books published by BiggerPockets, "The Book on Flipping Houses" and "The Book on Estimating Rehab Costs".
Hi Daniel, welcome to biggerpockets, find a mentor that is already doing what you want to do (Buy fix and flip, buy and hold, wholesale) Define your way forward and take action, do not get hung up in analysis paralysis.
Best of luck to you and happy investing!!!!!
Keep studying, analyze deals and leap when you have the opportunity.
Don't expect to know everything your first time. Its more important to just take the first step.
@Daniel Walker flipping can be lucrative if done correctly!
I would say try your hardest to find a successful house flipper in your area, try to jump on with them! Even if you only work one day a week, the learning experience will pay greatly in the future! Work for free to learn if you have to! If you only work one day a week, 10 hours a day, at the end of 4 months you will have approx 160 hours of hands on experience. I did this for a couple years (getting paid though, would have done it for free) and it thought me how many moving parts there are in a flip.
Trust me this experience will help in just about every aspect I can think of!
If you find the right investor it might turn into some kind of partnership in the future?
Also be patient! Take action every day, but be patient! Try to really grasp the idea that this will take years to be real successful! I find that people that get this idea make it through the crap times a whole smother than people who have this idea they will be rolling in cash in six months.
Last but not least, find what your good at and go all in on your strong characteristics! And have a goal to hire down the line to fill your week points. Nobody is great at everything!
These are just some things that have helped me along the way...
To your success bud!!!!
@Daniel Walker , what are you currently living in? Do you own or rent?
If you own, start there. Look around and find something ugly, then make it look pretty. It doesn't always have to be replacement - paint is amazing! Paint those ugly cabinets. Paint those ugly walls. Paint the trim and doors.
It doesn't take much knowledge to change a light fixture or faucet. (TURN OFF THE POWER/WATER BEFORE YOU TOUCH IT!!!)
YouTube is a veritable University of knowledge. If you want to know how to do it, there's 1000 videos to show you step by step.
Finding a good contractor can be difficult. My friend Eric wrote this excellent article about why you won't find a good contractor.
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