Spring, TX · Member since 2016 · 14 posts · 4 votes
Hi! I discovered this website after reading The Book On Managing Rental Properties, great book by the way. My wife and I have one rental property that is managed more like a hobby than a business, so we wanted some guidance to get serious about landlording, hence the book. Our real interest these days is learning to flip houses. I used to spend my summers in high school and college working construction for my father's remodeling company, so i guess you can say being a handy man is in my blood.
We really interested in investing our money in real estate as opposed to the stock market because our wealth SHOULD be dependent on our passion and abilities over the economy. Any tips about finding flip houses, finding investors or the best way to dive into flipping please let me know. In the interim, I'll be reading every book I can on the subject!
Real Estate Agent · Spring, TX · Member since 2016 · 18 posts · 6 votes
10y
I'm flipping 2 houses now in Houston, and have been in REI since 2012. I live in Spring, but invest all over Houston. If there's anything I can do to help you, just let me know.
Wholesaler · Calgary, Alberta · Member since 2016 · 35 posts · 33 votes
10y
Spring was so, so good for such a long time! I am finding the properties harder to rent out now than they were about 12 months ago. Oh the price oil.... Longterm though I love that area.
@Dane Price you are in a GREAT place to flip. Take advantage of the opportunity to meet/network with people like @George Kountoupis
Lender · Katy, TX · Member since 2016 · 47 posts · 48 votes
10y
Dane - Welcome to BP. There are lot of resources in Houston and great networking events to meet other investors, contractors, and wholesalers from all over the city. My advice is always the same to those just starting out. Focus on getting the first deal done, then worry about moving on to number two.
As with most businesses and investments, you need to have a game plan. Distressed properties move pretty quickly, so you will need to be in a position to close quickly. That's great that you are experienced in construction, just keep in mind that you will make way more money using that skill set in the evaluation and management of the rehab, than swinging the hammer yourself.
Investor · Manvel, TX · Member since 2016 · 133 posts · 54 votes
10y
I feel like making an all cash offer gives me better position at the offer table. I have beat out higher offers because I could cash close in a few days. I can always refinance later if I want to leverage.
Investor · Phoenix, AZ · Member since 2015 · 191 posts · 152 votes
10y
Find the deals first. Investors are easy to find if you have a good deal.
If you have a decent deal, all you have to do is go post it on any major search site and it will get noticed, you will meet buyers (qualified and unqualified) and naturally grow your network. Facebook- Houston Real Estate Investors Page, myhousedeals.com, craigslist....etc..
Wholesaler · Richardson, TX · Member since 2016 · 1 post · 0 votes
10y
This is really great info. I'm located in the Dallas area and have similar questions. Keep them coming. I would love to connect with a few of you, as well.
Does anyone have a "standard percentage or rule" they use for setting aside cash for the unexpected during a flip?
Hi all, im a newbe to Real Estate investing. I want to first start wholesaling to build some capital, but I know nothing about it. It would be most helpful if I could connect with someone to in lighten me on the process, or know of any seminars in the Houston area any info is very appreciated thanks in advance.
Spring, TX · Member since 2016 · 14 posts · 4 votes
10y
Thank you all for the advice. @Joe Burns I am quickly realizing that doing the work yourself is not always the best option.
Does anyone recommend any particular estimating/planning software or spreadsheets to manage how you evaluate a house? This seems to be a good starting point to understand all the details that go into evaluating and finding the deal.
Developer · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
10y
@Dane Price, have you taken a look at the BP Calculators? Go to the top section where it says Tools. As a non-Pro member you should be able to try out the calculators 5 times to see what they can do for you. But they do cover pretty much everything you need for evaluation and spits them out in a nice PDF that you can then hand to lenders.