San Fernando Valley native looking at REI of the flipping variety

[Ashley Benning]

Hello, everyone!

I grew up in the San Fernando Valley outside of Los Angeles and am excited (and a bit nervous) about getting starting with REI in the area. I am under contract to sell my house in Arizona (moved there for a few years) and will have the profit from that sale to put towards my first fix-and-flip here in the Valley. I know flipping in an expensive market is difficult (been listening to the podcast episodes about this topic), but it's something I've wanted to do for years and I think with some common sense and strategy it can be done. I have no experience in real estate other than the purchase and sale of my home.

Looking for some connections here in the Valley who can give some guidance on the process, the market, etc. I've got a realtor and access to the MLS, so right now it's all about the research. Also would love some advice on fix-and-flip in expensive markets.

Can't wait to get to know all of you and learn from you!

[Manolo D.]

@Ashley Benning Haha, maybe a HP book will get you there :p I'd recommend J Scotts book on rehab and flip. It's available here and has pretty good info, one thing is, when you get to the part to the cost table, make sure you use the high part of the estimate and add 20%, that should cover you LA based prices on your rehab costs. I'm still at my Masters, nothing comparable to PhD but it might help in the career if life chooses me to have one, sort of like a good fall-back.