New to flipping

Member since 2023 · 6 posts · 7 votes

Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.

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Steven Foster Wilson

Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes

Quote from @Kimberly Kelly:

Hi Kimberly, the fix and flip strategy can be a profitable venture if you've done everything correctly. You may want to make sure that you follow these top 4 tips that I have:

1. Do your research - Before purchasing a property, make sure you conduct thorough research on the location, the property's condition, and the potential cost of repairs. This will help you make an informed decision on whether the property is a good investment.

2. Know your renovation budget - You don't wanna overdo or underdo a property. Focus on the right improvements that will add value to your property.

3. Know your after repair value - The goal of flipping is to make money so you have to make sure you're not covering your all-in cost and you're actually making a profit

4. Time your sale right - When the market is favorable and the demand for housing is increasing, that's the best time to do it. This can help you avoid having to list your property for too long. Hope this helps and best wishes to your real estate journey!

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Jonathan Taylor SmithBusiness Member
Rental Property Investor · Durham / Raleigh (Triangle), NC · Member since 2015 · 841 posts · 802 votes
3y
Hello @Kimberly Kelly - Will you only be flipping properties, or might you also want rentals?
Blue Chariot Realty & Management4.915 Reviews
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Monica Williams
Real Estate Agent · Philadelphia, PA · Member since 2023 · 81 posts · 40 votes
3y
Quote from @Kimberly Kelly:

Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.

Hi Kimberly,

Welcome to the world of REI! BiggerPockets is the perfect place to be to learn all about investing, flipping, and much more. I'm an agent for investors in the Philly area, if you ever have any questions about anything, I'd love to connect and help you in any way I can!

Good luck with everything,

Monica
0 Reply
Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
3y
Quote from @Kimberly Kelly:

Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.

Congrats - you've come to the right place!
[email protected]
Harpoon Capital514 Reviews
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Kimberly Kelly
OP
Member since 2023 · 6 posts · 7 votes
3y
@Jonathan Taylor Smith I'm wanting to get a few flips under my belt, then ideally eventually move into short-term rentals, such as airbnb. Just what I have been considering anyway - do you have other recommendations? Thanks.
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Nathan Harden
Real Estate Agent · Puyallup, WA · Member since 2022 · 551 posts · 379 votes
3y
Well, you're in one of the hottest investing markets in the country at the moment. Also, have a huge influx of jobs over there so people will be paying a premium.
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Kimberly Kelly
OP
Member since 2023 · 6 posts · 7 votes
3y
Quote from @Nathan Harden:

Well, you're in one of the hottest investing markets in the country at the moment. Also, have a huge influx of jobs over there so people will be paying a premium.
True! My broker is helping me get started as he’s a seasoned investor and has offered me tons of advice! Been wanting to do this for awhile, but have been working another full-time job the past several years in addition to being a full-time real estate agent so really haven’t been able to focus on it. As of June 1st though, I’m officially retiring from that other full-time gig as a high school principal and focusing all my attention on growing and diversifying my real estate business! 😊
0 Reply
Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
3y
@Kimberly Kelly- thanks - welcome ...unless you plan to use cash for your plans - I recommend getting your financing outlined and in place ...get pre approved for whatever scenario you are considering in order to * get organized * educated and prepared ...good luck
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Kimberly Kelly
OP
Member since 2023 · 6 posts · 7 votes
3y
Quote from @Dave Skow:

@Kimberly Kelly- thanks - welcome ...unless you plan to use cash for your plans - I recommend getting your financing outlined and in place ...get pre approved for whatever scenario you are considering in order to * get organized * educated and prepared ...good luck
Thanks Dave! Already working on that part of it. Couldn’t agree more that having a plan is key! So excited to learn more on this forum and appreciate any other advice you can give!
1 Reply
Dave Skow
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
3y
@Kimberly Kelly- welcome ...get pre approved for the high end of the range you are considering..this way if you end up needing to stretch ..you will have this covered ...good luck
0 Reply
Jimmy LieuBusiness Member
Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
3y
Quote from @Kimberly Kelly:

Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.
Hi Kimberly, I'm a local investor and agent here in Columbus Ohio and have completed quite a few renovations, BRRRRs, and flips myself! There's so many great flip opportunities here in Columbus Ohio. This past week, I went under contract on two flips for my client and he has a 100k+ flip margin for both properties! I'm happy to introduce you to any GCs, property managers, lenders, or anyone that you personally need. Warm welcome and happy to have you here! Also, if you have any questions or want to connect, feel free to reach out!
[email protected]614-300-7535
Jimmy Lieu, Red 1 Realty4.9121 Reviews
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Mackaylee BeachPro Member
Real Estate Agent · Kansas City, MO · Member since 2020 · 1k+ posts · 492 votes
3y
Welcome to BP!
A great place to expand your knowledge and network.
[email protected]
1 Reply
Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
3y
Quote from @Kimberly Kelly:

Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.

Welcome to BiggerPockets
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
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Tommy Parker
Property Manager · Charlotte, NC · Member since 2022 · 269 posts · 135 votes
3y
Congrats on starting out! This is a good place to be.
0 Reply
Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
3y
Quote from @Kimberly Kelly:

Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.

Hi Kimberly, the fix and flip strategy can be a profitable venture if you've done everything correctly. You may want to make sure that you follow these top 4 tips that I have:

1. Do your research - Before purchasing a property, make sure you conduct thorough research on the location, the property's condition, and the potential cost of repairs. This will help you make an informed decision on whether the property is a good investment.

2. Know your renovation budget - You don't wanna overdo or underdo a property. Focus on the right improvements that will add value to your property.

3. Know your after repair value - The goal of flipping is to make money so you have to make sure you're not covering your all-in cost and you're actually making a profit

4. Time your sale right - When the market is favorable and the demand for housing is increasing, that's the best time to do it. This can help you avoid having to list your property for too long. Hope this helps and best wishes to your real estate journey!

1 Reply
Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
3y
Welcome to the BP family @Kimberly Kelly ! Glad you joined the best real estate investing website!

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...

Wishing you the best!
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Kimberly Kelly
OP
Member since 2023 · 6 posts · 7 votes
3y
Quote from @Jimmy Lieu:

Quote from @Kimberly Kelly:

Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.

Hi Kimberly, I'm a local investor and agent here in Columbus Ohio and have completed quite a few renovations, BRRRRs, and flips myself! There's so many great flip opportunities here in Columbus Ohio. This past week, I went under contract on two flips for my client and he has a 100k+ flip margin for both properties! I'm happy to introduce you to any GCs, property managers, lenders, or anyone that you personally need. Warm welcome and happy to have you here! Also, if you have any questions or want to connect, feel free to reach out!
Hi Jimmy! Awesome - thanks for reaching out! Nice to meet you and I might just take you up on your offer - would love to pick your brain sometime.
0 Reply
Kimberly Kelly
OP
Member since 2023 · 6 posts · 7 votes
3y
Quote from @Steven Foster Wilson:

Quote from @Kimberly Kelly:

Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.

Hi Kimberly, the fix and flip strategy can be a profitable venture if you've done everything correctly. You may want to make sure that you follow these top 4 tips that I have:

1. Do your research - Before purchasing a property, make sure you conduct thorough research on the location, the property's condition, and the potential cost of repairs. This will help you make an informed decision on whether the property is a good investment.

2. Know your renovation budget - You don't wanna overdo or underdo a property. Focus on the right improvements that will add value to your property.

3. Know your after repair value - The goal of flipping is to make money so you have to make sure you're not covering your all-in cost and you're actually making a profit

4. Time your sale right - When the market is favorable and the demand for housing is increasing, that's the best time to do it. This can help you avoid having to list your property for too long. Hope this helps and best wishes to your real estate journey!

@Steven Foster Wilson - thank you so much for the fantastic advice! I'm soaking in as much info as I can right now and I'm in the research phase - trying not to become obsessed with it, but it's all I'm spending my free time doing right now.

0 Reply
Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
3y
Quote from @Kimberly Kelly:

Quote from @Steven Foster Wilson:

Quote from @Kimberly Kelly:

Hello! New to this forum and community. I'm currently a real estate agent but my husband and I are just now starting to dabble with the ideal of flipping. Have renovated and remodeled many of our own homes over the years and want to diversify my real estate business. My broker recommended this site and I'm excited to spend time on it and get to know the community as I know I have much to learn.

Hi Kimberly, the fix and flip strategy can be a profitable venture if you've done everything correctly. You may want to make sure that you follow these top 4 tips that I have:

1. Do your research - Before purchasing a property, make sure you conduct thorough research on the location, the property's condition, and the potential cost of repairs. This will help you make an informed decision on whether the property is a good investment.

2. Know your renovation budget - You don't wanna overdo or underdo a property. Focus on the right improvements that will add value to your property.

3. Know your after repair value - The goal of flipping is to make money so you have to make sure you're not covering your all-in cost and you're actually making a profit

4. Time your sale right - When the market is favorable and the demand for housing is increasing, that's the best time to do it. This can help you avoid having to list your property for too long. Hope this helps and best wishes to your real estate journey!

@Steven Foster Wilson - thank you so much for the fantastic advice! I'm soaking in as much info as I can right now and I'm in the research phase - trying not to become obsessed with it, but it's all I'm spending my free time doing right now.

That is awesome! I would try to find a mentor as well then you can have someone to bounce your ideas off of and help lead you in the right way. I have surrounded myself with RE people and it has really helped grow me and my business.
0 Reply
Sayem Vilayet
Rental Property Investor · Columbus, OH · Member since 2023 · 5 posts · 5 votes
3y
Hey there, @Kimberly Kelly! Glad to have you here in the BP Community. I too am new to this community and also a Columbus local too! Just dived into my first major rehab, so if you need any tips or insights, I'm here to help. We own a couple of short-term rentals in Ohio, so feel free to pick my brain about that too. Let's connect and learn together!
1 Reply
January Johnson
Real Estate Agent · Emerald Coast, FL · Member since 2016 · 820 posts · 486 votes
3y
Quote from @Kimberly Kelly:

Quote from @Nathan Harden:

Well, you're in one of the hottest investing markets in the country at the moment. Also, have a huge influx of jobs over there so people will be paying a premium.

True! My broker is helping me get started as he’s a seasoned investor and has offered me tons of advice! Been wanting to do this for awhile, but have been working another full-time job the past several years in addition to being a full-time real estate agent so really haven’t been able to focus on it. As of June 1st though, I’m officially retiring from that other full-time gig as a high school principal and focusing all my attention on growing and diversifying my real estate business! 😊

Welcome to BP! I used to be a middle school teacher and assistant principal in my former life. Real estate suits me SO much better! :)
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