New at RE investment and looking for a flip

10 Replies

Hello everyone! I just sold my primary residence in central mass and looking to invest some of that cash. I’ve been contemplating both multi families to hold and single families to flip. I’m leaning towards flipping so I can build my cash quicker and essentially invest more and hopefully by next year I can hold a multi. The market here in MA is insane so I’m looking to invest elsewhere. I’ve thought of South FL since I’ve lived there and know of a couple of people I can leverage but of course that market is also difficult. One of my coworkers mentioned south side Chicago but I’m skeptical about the ability to sell. Any suggestions/recommendations from this forum please? Please feel free to ping me directly. Thank you in advance!

Congrats on selling! The market is definitely in your favor! I'm in the Savannah, GA market which is on fire right now. I work closely with a one-stop-shop real estate investment firm in the area that I'd be happy to connect you with. The only REI limitation in this area is STR. Send me a PM if you'd like!

The right house on the South side of Chicago will sell better than most places. I just listed one and had 21 showings and 7 offers within 30 hours. Wayyyy over asking.

but if its the wrong kind of house or the wrong block, that won't happen.

selling is not the problem. Buying is.

Originally posted by @Christelle Bruno :

Hello everyone! I just sold my primary residence in central mass and looking to invest some of that cash. I’ve been contemplating both multi families to hold and single families to flip. I’m leaning towards flipping so I can build my cash quicker and essentially invest more and hopefully by next year I can hold a multi. The market here in MA is insane so I’m looking to invest elsewhere. I’ve thought of South FL since I’ve lived there and know of a couple of people I can leverage but of course that market is also difficult. One of my coworkers mentioned south side Chicago but I’m skeptical about the ability to sell. Any suggestions/recommendations from this forum please? Please feel free to ping me directly. Thank you in advance!

 

Being skeptical is a good thing, but you should get some real data then make a decision. For instance- The South Side is too large to make a broad statement about it as one market. There are 39 distinct markets on the "South Side"  You should examine each of them. With all of that said over the last month homes between $200 & $300K have sold on an average of 28 days or less in these 39 communities. The medium is 13 days. Selling a property in the right location with a quality renovation isn't a problem on the South Side.

@Christelle Bruno - Like some other BP members above mentioned selling is not the problem.  It really boils down to knowing the area so that you don't get trapped with a nice property on a bad block.  

@Mark Ainley works a lot on the Southside of Chicago and I am sure he could help you figure out where the right area to buy is.

Originally posted by @Christelle Bruno :

@Crystal Smith Thanks for the insights! What would you recommend a good source for me to use to identify those areas you mentioned? As mentioned, I’m new to this and I’m practically using this forum and some Google searches so my knowledge is pretty limited



A good real estate broker who knows how to use all of the systems that their license pays for should be able to pull data for any community in the Chicagoland area. But do not contact a broker & ask for data if you don't plan on making the agent a part of your team so they can get paid. You can use google but why? Hire a professional.