Ready for my first flip!

11 Replies

Hey guys. This is a shot in the dark however, it never hurts to ask. I am currently a children's book author, a 9 to 5 er, and would love to get into Real Estate Investing. There is something about Flipping homes and Rehab that makes me itch for more. It's R&R for me and I am looking for some guided help.

I wanted to reach out to the BP family as you may already know what steps to take to get started. I'd like to know if you would be willing to help me get started? I am looking for any information you may have like books or websites, or maybe even seminars you'd recommend? How did you get started? Or did you just start? I'd hate to re-invent the wheel if someone as yourself has already been involved and know what works and what doesn't. If you have a moment, please let me know if you would be willing to share the knowledge so that I could also start a new chapter in Real Estate Investment. Thanks BP family, and hope to hear from you soon. 

P.S. I am working with an agent at Keller Williams to help me locate an agent out near me in Ohio that is up to speed with flipping and is in it to help, not for the money.  Has anyone else used this group to seek agents?  If so, how was the experience?  Thanks!


All the best,

-Rick

@Rick Turman welcome to the site. My recommendation is to network and attend local meetups in your area. There will be people in attendance that are doing what you would like to achieve.

Also there's numerous podcasts on this site, in which you can pull from others experience on fixing&flipping.

Also shoot me a PM with questions if needed

Thanks for the warm welcoming @Rachelle R., @James Wise , @Nicholas Varner , and @Sterling White!  

Actually, a lot has happened within the last 24 hours.  Ok more like 32 hours.  Here's what I have done:

1.) Listened to 5 episodes of the BP Podcasts (Got my feet wet on what was relevant)
2.) Obtained both of J. Scott;s books
3.) Printed out all pertinent documents from J. Scott and bound them into a 3-ringed binder (will use this as a guide for me (Very particular and need to stay organized)
4.) Obtained The Ultimate Beginners Guide to REI
5.) Reached out to an agent in my area who's clients are also flipping
6.) Added myself to the MPLS notifications on when my criteria for homes are met
7.) Contacted a few local contractors I've worked with to develop my team (Search continues)
8.) Reached out to a fellow Flipper in the area who is currently having success at it

To do tomorrow and through the weekend:

1.) Research Joining REIN in Toledo, OH
2.) Visit Lowe's at 6-7AM and scope out more contractors (early risers are running circles around others)
3.) More reading of the 3 books mentioned above and research more.
4.) Read/Live/Learn the documents provided by J. Scott in my binder

If anyone can think of any others to add to any of these lists, please feel free as I am a sponge soaking up the treasure trove of information this site has to offer.  Thanks everyone, and if I do not hear from you, have a wonderful weekend ahead!

-Rick

Is it a bad thing to be addicted to this site? Over the past few days, I have done nothing but Post, Read, Research, Compile, And listen to a ton of podcasts. I am just about finished with "The Ultimate Beginners Guide to REI," and once completed, I may knock out one more podcast before starting J. Scott's books.

I need to go over a few key terms and reference links in TUBG2REI and compile a cheat sheet to toss in my binder as well.  Also I need to learn the lingo so I can speak intelligently with other investors, agents, and lenders.  

I have also reached out to a few more flippers in my area.  I keep checking my email thinking they may have responded as I have never been this excited before in my life other than learning how to ride a bike, and my first born child!  Oh ya, my Wedding of course! Love ya hun!  Thanks BP Family, and have a great weekend ahead!  More to come!

-Rick

Good Morning,

I am looking into pulling the trigger on my first deal for a flip in my area and needed to clear up a few things.

1.) How many of you walk the property with your contractor prior to making the deal?
-For those of you who don't, do you make an offer contingent to the inspection?

2.) Since we do not own or rent, we are being provided a HELOC through a family member to offer a cash purchase, however Are we able to have the owner of the HELOC transfer the full amount to us in a check? Or would they be the owner of the property? Could I co-sign on the HELOC and work the deal that way?

Thanks guys, and have a great day!

All the best,

Rick

Originally posted by @Rick Turman:

Hey guys. This is a shot in the dark however, it never hurts to ask. I am currently a children's book author, a 9 to 5 er, and would love to get into Real Estate Investing. There is something about Flipping homes and Rehab that makes me itch for more. It's R&R for me and I am looking for some guided help.

I wanted to reach out to the BP family as you may already know what steps to take to get started. I'd like to know if you would be willing to help me get started? I am looking for any information you may have like books or websites, or maybe even seminars you'd recommend? How did you get started? Or did you just start? I'd hate to re-invent the wheel if someone as yourself has already been involved and know what works and what doesn't. If you have a moment, please let me know if you would be willing to share the knowledge so that I could also start a new chapter in Real Estate Investment. Thanks BP family, and hope to hear from you soon. 

P.S. I am working with an agent at Keller Williams to help me locate an agent out near me in Ohio that is up to speed with flipping and is in it to help, not for the money.  Has anyone else used this group to seek agents?  If so, how was the experience?  Thanks!


All the best,

-Rick

________________________________________________________________________________________________________

4 Years Later..

To be honest, I completely forgot I even posted about this :-). It's things like these that you re-visit and smile upon as now I can speak with infinite wisdom on my successes and failures over the past 4 years. Keeping it simple, we have flipped 4 successful and very profitable flips to build that bank roll, and are now building our Buy and Hold portfolio while we wait for this Market turn. What was a struggle figuring out this venture, and a year and a half stuck in analysis paralysis, I'd say the system is now being built so that any DIYer can follow the process from start to finish.   As for the Buy and holds... Well what went from trying to land 1 unit, led to landing 8 units in 3 weeks recently. End of Rant for me.  I could go on with what I sucked at the most, or brag about how I landed all contractors and the perfect team, but that would be boring for the seldom folk.  I'd like to bring 1 Gem to the table that I hope one day will bring enough value to someone like me 4 years ago needed, you know... That nice KICK IN THE *** to just START!

I just finished writing up this same passage for another colleague so I am going to spit out what I submitted to save some time. I hope it finds you and others well so that you too can spearhead the Analysis Paralysis and just PULL THE DAMN TRIGGER!

SAVE TIME - SQUASH THE YELLOW LETTERS, THE MLS & THE SHERIFF AUCTION!!! Those are a thing of the past now to me at least. I too was a click away of doing yellow letters until my buddy in Orlando let me in on a little secret on what he was doing that worked. He called it "Skip Tracing" and has built a team to trace and take the deal all the way to acquisition without any single stroke of the keyboard. Until he has to file paperwork that is for the purchase agreements :-)

Basically I have built my own team to work on a funnel that I created based on a list that seems to be having quite a bit of success. I have this down to being almost completely automated. If only I can find someone to pull the lists for me now off the below site, and trace for me i'd be golden. Skip tracing is simply a team of people who take the list, and comb the internet for phone numbers affiliated with that owner, then it's added to a new Excel sheet. Easy as that.

Instead of sending out letters and waiting for someone to open and respond (could take multiple attempts to call) We have been skip tracing and have found to have about 75% success rate. I was going to do a discussion board on this here to help others out as we have seen amazing results but perhaps this post will entice others and keywords within will sound alarms to their biggerpockets notifications section.

If you are not familiar with this, you obtain a list from your choice of sites, we use listsource.com obtain our lists based on a given set of criteria you choose from, and it pumps out a CSV and or XSL file with Owners, Primary address, and any information such as LTV, Years of mortgage, dwelling size, all the way down to how many and what type of windows a building has. That list then goes to the Skip Tracer who combs the internet to find the owners contact info (Cell or Personal home phone). My agent then starts cold calling to see if the numbers are legit, and if they are, request if they are interested to sell.  Then Negotiations hit and if the deal is right, we get it under contract.  The others that don't work, well, you've now found a motivated seller that A your Agent can benefit from, or if you were smart, you would get it under contract and find another savvy investor.  Congratulations, you are now a wholesaler on the side!

There are companies out there whom do the combing, however I lucked out as my buddy bought a company, and provided me access to a trial of 1K addresses. If anyone is interested in his business check him out. cashflowinvestorsportal.com. Sorry for the shameless plug however I never returned the favor and perhaps this can help.

Continuing on.... At this point you already have spoken to them (Property owners), eliminating the need to wait for them to throw your mailer away 5 times before opening it, increasing their time to respond rate, and money of course. Most say yes off the bat at X $ some say yes we are interested. Let me get with my accountant about depreciation, and please follow back up next week. I tested this new "Thing" out on a list of 10 that I pulled from my list, had my agent call around, and 7/10 responded where two were bad numbers, and 1 just wasn't interested in talking.

I am bringing this up to you as your area may still be a hot market. Mortgage rates are flattening pushing buyers to not want to buy but rent. Homes are way too inflated to where Rental rents will increase but still be tasty to the eye. This may be by far the most efficient way to get responses and be a step ahead of others as the MLS and Sheriff auctions are a thing for amateurs and seasoned investors. Sure you may find something, but you will still see the seldom few get burned on a bad deal continuously.

Ok end of rant :-) I hope this information finds you well, and saves you from countless and endless sleepless nights of researching and never taking action. Stay thirsty Mis Amigos!

Now just to get in touch with my agent to see if there are any good eats today :-) Have an awesome day guys, and keep kicking some *** out there!

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