Wanting to flip houses in Northwest Arkansas

Wanting to flip houses in Northwest Arkansas

Investor · Bentonville, AR · Member since 2016 · 2 posts · 1 vote

Currently own three rentals and am interested in learning the flipping business.  Have some capital but really need advice on how to raise more.

I have a good network of contractors that I trust. My area is growing rapidly and I know the opportunities are out there.

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  • Real Estate Broker · Fayetteville, AR · Member since 2014 · 48 posts · 19 votes
    10y

    There are tons of great articles here on BP.  One of the easiest (but more expensive) methods of getting started is with hard money lenders.  Many of the interviewees on the podcast got their start this way.  Do some searching around for articles, you'll find a ton.

    Also, have you gotten "The Book on Flipping Houses" from BP yet?  Great info in that one.

  • Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hell and welcome to BP!  I do not have any recommendations but I would like to say hello.  It sounds like you have gotten off to a good start!  This is a great site to learn what is necessary and ask questions to people that may have been down that road.  Have you set up your company as some type of corporation to protect yourself?  Have you got Team members yet?  Do not try to do everything yourself.  The team members are usually worth every penny.  Just make sure they are experienced in the right stuff and how they charge.

    Just remember to always do the analyzing numbers and try to look at the property before you make an offer or at least have a clause in the sales contract that allows you some time (about 15 days) to inspect the property and possibly back out of the deal without a penalty that exceeds your earnest money amount.  Sometimes it is easier to lose a little than a bunch.  Right after you close on a property you should get an insurance policy that protects you if there is a loss.  As soon as you can comfortably do it just change the exterior door locks.

  • Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hell and welcome to BP!  I do not have any recommendations but I would like to say hello.  It sounds like you have gotten off to a good start!  This is a great site to learn what is necessary and ask questions to people that may have been down that road.  Have you set up your company as some type of corporation to protect yourself?  Have you got Team members yet?  Do not try to do everything yourself.  The team members are usually worth every penny.  Just make sure they are experienced in the right stuff and how they charge.

    Just remember to always do the analyzing numbers and try to look at the property before you make an offer or at least have a clause in the sales contract that allows you some time (about 15 days) to inspect the property and possibly back out of the deal without a penalty that exceeds your earnest money amount.  Sometimes it is easier to lose a little than a bunch.  Right after you close on a property you should get an insurance policy that protects you if there is a loss.  As soon as you can comfortably do it just change the exterior door locks.

    I am 59 years old and I found BP about 8 months ago and I am still trying to decide what to do.  I also went to college, not that it is mandatory, and I got a business degree that emphasized real estate.  Since I was in Texas and I planned on staying there I looked into taking a broker test and I found out that I was qualified and I got a license without taking anything extra.  K kept that license for about 30 years and I closed a few deals for other people.  I have only closed one investment deal for myself but I have sold it.  Regardless of what I had I felt more comfortable in the construction busines. I have been in the co

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