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Joshua Post
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New REI from Tampa! Just wanted to say hi! :D

Joshua Post
Posted Jan 2 2024, 14:04

Hello from Tampa, FL, friends!

I'm brand new to the world of REI (and to this forum), and just wanted to connect with other like-minded individuals who are just starting out. I don't yet have any experience, but I'm feverishly trying to learn as much as possible about wholesaling and fix-and-flipping (I'm not totally against the idea of rental properties, though).

I have purchased and read quite a few BP books, but I'm having trouble figuring out how to "put all the pieces together." That said, I'm wondering if I should invest in some kind of training program? If so, does anyone have any good recommendations for Wholesaling and/or Fix-and-Flip training (even better if it's in Tampa)? I don't mind spending a little money on training, but it needs to be legit, practical training.

Anyway, I don't yet know anyone on this forum, so feel free to reach out! I look forward to connecting with you! :D

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Zach Edelman
  • Lender
  • Austin, TX
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Zach Edelman
  • Lender
  • Austin, TX
Replied Jan 2 2024, 14:23

Welcome to BP! Lots of good REI opportunities in Tampa, FL.

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John Karg
Pro Member
  • Lender
  • West Palm Beach, FL
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John Karg
Pro Member
  • Lender
  • West Palm Beach, FL
Replied Jan 2 2024, 22:20

Hi Joshua, 

Welcome! My personal opinion is that flipping is very difficult in this market, with margins much lower than they used to be back in the golden days of 2010 - 2015. A lot of REI books were written by authors that made it big in these times, but their results just can't be reliably reproduced in today's market. For this reason I typically guide people towards buy and hold investing.

That said, it is still possible to make money in flipping, but it's something that you really have to learn by doing. I would practice by analyzing properties until you can confidently pick out a good deal from the rest. Set alerts on Zillow/Redfin and take a look at every distressed property that hits the market in your area. Start with determining the ARV by looking at comps, then itemize all of the repair costs and work backwards to determine a purchase price that will give you a comfortable profit. Once you can do this quickly and confidently, get in contact with an investment realtor (I'd be happy to refer you to someone) and start walking through these properties as they come up so you can analyze them in person. Once you have one that's worth it, reach out to a lender and contractor and go from there. If you have any questions particularly about lending, feel free to reach out anytime!

John

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Simon Ashbaugh
  • Realtor
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Simon Ashbaugh
  • Realtor
Replied Jan 3 2024, 12:08

Hey Joshua, welcome to BiggerPockets! Many have walked this path before you, and this forum is the perfect hub to connect with them and learn from their experience. Dive into the vibrant threads and discussions here, contribute your questions, and absorb the insights of seasoned investors.

Beyond the forum, consider venturing out to your local real estate investor meetups. These are amazing opportunities to network with lenders, brokers, and most importantly, potential mentors. Finding the right mentor can be game-changing. Look for someone whose expertise aligns with your goals and strategies, offering not just knowledge, but encouragement and guidance every step of the way. REIA groups and training programs can also play matchmaker, connecting you with mentors who can bridge the gap between theory and practice.

The journey ahead is brimming with challenges. Embrace the learning curve, keep connecting with others, and don't hesitate to ask questions. We're all here to support each other on this rewarding path. Build your real estate dreams, brick by brick! All the best to your journey!