New guy in NC interested in wholesaling the "right way."
Hello BP,
I live in Durham, NC and am just getting started. Four weeks ago I decided that I needed to make extra money in order to get out of (consumer) debt and build a better future for my family. My parents flipped a few houses while I was growing up and I knew that it was one way to go but I didn't really start to understand the OPM part of this business until just recently.
My short term goal is to start a wholesaling business that locks up flip properties at 50-60% of ARV and wholesales them to investors at 65-75%. I don't have much in the way of startup capital, so my plan is to start out driving for dollars and bidding on short sales and REOs off the MLS. I'm currently working on putting together proof of funds for a couple of properties I've seen on the MLS.
As far as education goes, I've listened to all of the house flipping HQ podcasts and have started on the BP podcasts. I also started attending local TREIA meetings to meet and learn from other investors. I'd love to hear about other free or cheap sources of education.
My challenges right now are estimating repairs/rehab costs and filling the sales funnel.