Updated almost 10 years ago on . Most recent reply
Newbie from Miami Florida
Hey, I'm Freddy and I'm new to BP. I live in Miami, Florida. I'm a full time uber driver, and a part time figure skater. I'm very excited to learn all I can in hopes to flip my first distressed house by the end of this year and hopefully more. I'm interested in learning about flipping, wholesaling and private loans. Any advice on where to start is appreciated. Thanks 😎
Most Popular Reply
Freddy Salazar Since you are interested in fix and flips, I propose the following action plan. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch. Beware of South Florida Realtors. There are a few good ones, but many are only motivated, by greed, and prey upon the uninformed.
1. How many investors do you currently work with and how many investors have you worked with, in the past?
2. How many transactions have you closed, with investors?
3. Do you currently own any Investment Properties? If so, what type do you own?
4. Are you a member of any REIAs?
The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days. Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality, and a breakdown of the number of SFRs. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. This will identify the retail price ranges, in which you can list the rehabbed property and the price ranges, of distressed homes, you should target.
You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.
I hope you find the above information to be of useful value.