House Flipping what do I need to do?

Question

Hello there Bigger Pockets Im from Sacramento, CA and wanted to get into the Real Estate game and purchase my 1st home but wanted to flip it. I don't know if I should wait to see if the homes drop price (Already seeing them go down in price) If anybody here has some advice for somebody like me that is wanting to purchase their first home and flip it or a way to make some money. We are still working and open minded to all ideas. Thank you

Stone Saathoff · Answer

Hey Jonathan, if nothing else is holding you back right now, funding or anything like that, I would keep hunting and find a great deal.

For advice just be prepared, the people who are able to move the quickest usually win. Have a contractor you can work with to come give repair estimates on the spot, be able to pull accurate comps yourself or partner up with a realtor in your area and have them run comps and come up with an ARV with you. If you don't have a lender yet and you need one, line that up as well, preferably somebody who can move quickly and give you a loan terms sheet on a property in a timely manner.

It could be argued that this is an odd time to flip a house but conversely, not a lot of people have rehabs going right now, so if you get started and finish when things start returning to normal you will be one of the only available options. Less competition is quite a benefit. Best of luck to you on your investing journey.