Beginning fix and flip investor in metro ATLANTA

19 Replies

Hi bigger pockets members!! I'm Andrew Lackey from metro Atlanta, and I am a beginning investor!!! Very excited to be here and connect with like minded people!! I am a graduate of Georgia Southern University(GO EAGLES!), I work in sales full time at the moment, and I am a drilling reservist in the USMC. High speed, low drag. I have a fix and flip, then buy and hold strategy. My goals are to market directly to motivated sellers through different marketing channels, find distressed properties, fix them up, and sell them. The proceeds from these deals will be reinvested into more flips and into rental properties. I am looking to be of service to fellow BP people, and also learn from them. I hope to gain friends and new team members from this forum that are young and hungry like me! -Andrew

Hi Andrew,  Flipping is a extremely difficult deal type.   Too many issues that all must work out nearly perfect for your desired profit to be delivered at the sale closing table.  Even still what was your effective hourly rate?  Flipping and wholesaling is just a job after all.

I suggest you find a local group of expert flippers to go see their projects, ask questions etc.  Face to face networking is key to becoming an expert, reducing risk etc.

I'm in GaREIA, http://gareia.org , they have 2 members only flipping groups, the in town rehabbers and the North side rehabbers.   As well google groups for near real time problem solving and sharing of contractors.  I've saved untold sums just on getting a good contractor refered, or a licensed plumber or electrician who can pull the necessary permits and get you past your occupancy permit inspection...

Good luck, curt

Welcome Andrew!!! I know you will find great use at BP, as there is much information here, and plenty of resources to fulfill your needs! I hope all the best of your endeavors and dreams, happy learning!

Stephanie Dobbs

@Andrew Lackey , Welcome to the BP community! The site has great resources. The best thing you can do starting out is build a strong team around you, and partner up with an experienced investor while you get some skin in the game for your first few investments. Good luck!

Hey, @Andrew Lackey ! I'm in a very similar situation; new to BP, graduated from Georgia Tech, working in the metro-Atlanta area, and looking to continue in real estate (I have one accidental rental property) specifically in flipping. 

PM me and maybe we can meet up to discuss more

@Andrew Lackey

Welcome to BiggerPockets, a place to interact with a vibrant REI group, learn the real estate business and language at near zero cost. It doesn't matter if you are young or old, totally new or need to build upon your experience.

Yes, you have just announced a commitment to the thousands in this community about

your seriousness regarding REI and have taken this bold step to affirm it.

Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.

You are here at the Forum, but, should raise your mouse to the top and explore the other

headings displayed.

Don't get overwhelmed by the massive amount of data archived on this site.

Simply, bone up on the areas that you need to expand knowledge in such as, Forums,

Marketplace, Learn, Network, Analyze, Resources.

Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of book

recommendations.

Also, you can review the quick links below to help solidify your grip on this site.

After becoming more knowledgeable and confident because of my above suggestions, take action to snag your first real estate investment deal if new or add to your existing holdings if you have prior experience.

Don't get caught up in analysis paralysis.

You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.

Take calculated risks if needed and you shall be rewarded!

"Each step you take reveals a new horizon. You have taken the first step today. Now, I challenge you to take another." - Dan Poynter

Lastly, don't forget that we are here to help and likewise learn from your contributions. Good luck and happy investing, again, welcome aboard!

@Andrew Lackey  welcome to BP.  Flipping is the way to go!   Just saying that 'cause @Curt Smith prefers a debate.  

Flippers enjoy higher profits and a more fulfilling career.  Flippers have to buy well and very quickly address the issues of the house.  You can enjoy $20k - $80k profit per flip when done well.  

If you're buying well and rehabbing efficiently (your time and money), then you'll be a better landlord and buy-and-hold investor when you're ready.  

Roswell is a great area for flips.  Although very expensive.  Find some flippers in your area who are buying the 'run down', purchasing with cash, and selling at the top of the market.  A good real estate agent can help you find the examples.  That's your framework.

@Abhi Golhar knows what he's doing!  *Except for this post.  @Darrell Shepherd is also a good flipper OTP.

@Andrew Lackey - when you first posted, I couldn't see it. I see it now. 

I agree with @CurtSmith, to a degree. Find a few flippers and visit their projects. Feel free to swing by a few sites we have going on and ask LOTS of questions (the same goes for you @Jeff Ashachik ). 

The challenge for most flippers, however, is creating a core business system so flipping/wholesaling doesn't become a job. 

Similarly, buying SFRs to rent and becoming your own property manager can be tedious. Hiring property managers can also be tedious.

Therefore, get to know your investment personality and pick what's sexiest for you.

Here's the bottom line: Absorb information and execute. That's how you win.

Lol @Rick

Originally posted by @Curt Smith :

Hi Andrew,  Flipping is a extremely difficult deal type.   Too many issues that all must work out nearly perfect for your desired profit to be delivered at the sale closing table.  Even still what was your effective hourly rate?  Flipping and wholesaling is just a job after all.

I suggest you find a local group of expert flippers to go see their projects, ask questions etc.  Face to face networking is key to becoming an expert, reducing risk etc.

I'm in GaREIA, http://gareia.org , they have 2 members only flipping groups, the in town rehabbers and the North side rehabbers.   As well google groups for near real time problem solving and sharing of contractors.  I've saved untold sums just on getting a good contractor refered, or a licensed plumber or electrician who can pull the necessary permits and get you past your occupancy permit inspection...

Good luck, curt

 Curt, 

thanks for the info. I am a Atlanta REIA member. Is the membership reciprocal? I appreciate the advice I will have to check out the flipping only group meetings soon

Originally posted by @Stephanie Dobbs :

Welcome Andrew!!! I know you will find great use at BP, as there is much information here, and plenty of resources to fulfill your needs! I hope all the best of your endeavors and dreams, happy learning!

Stephanie Dobbs

 Stephanie,

Thanks for the reply! I look forward to learning and having this resource, as well as sharing what I learn along the way too. 

Originally posted by :

@Andrew Lackey, Welcome to the BP community! The site has great resources. The best thing you can do starting out is build a strong team around you, and partner up with an experienced investor while you get some skin in the game for your first few investments. Good luck!

 John

I plan on building a strong team for sure. thanks for the tip!

@Andrew Lackey

Hi Andrew, I was a member of all the Atlanta REIAs, there are 4 actually.  I let the rest expire and only kept the GaREIA membership because I feel they have the smartest and most experienced and most honest investors to learn from. 

I was a member of all the REIAs to seek out maximum learning and networking.

Originally posted by @Carlton Kohler :
Semper Fi Andrew and welcome to BP. I invest and wholesale property around metro Atlanta as well. If you have any questions please reach out.

 Carlton,

Thanks for reaching out and Semper Fi. Looking for grow a small rental portfolio to a large one. Could you help? If you have wholesale deals please send 'em to me! 

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