Trying to get started in flipping

3 Replies

Hey everyone!  I am new to the flipping business.  Looking for tips and advice.  Currently working a full time job as an architect in Kansas City, Missouri.  I love architecture and got into it for residential work.  Now I am looking to really follow my dreams as I have been in commercial architecture through my career.  To me flipping is a variation of architecture that I could really excel in.  Until recently, I have shy-ed away thinking it would be too much.  Then my house caught fore and in the process of restoring it realized this was exactly what I want to do and can do it!  I am excited to find such a great community in Bigger Pockets.  This might just be the support system I need to really get things moving!  

@Bridget Gramlich welcome to BP and happy to hear your picked flipping. We are on our 49th flip in under 2.5 years. It is a brutal game to break into if you don't have a good list of contractors or have access to good deals. That being said, tough it out for 2 or 3. It all starts coming together and making sense. Feel free to reach out if you want and I wrote a couple of articles about this topic.  

@Bridget Gramlich I love doing business in KC! I grew up in Central IL and started my banking career in STL and Columbia, MO, so doing business in STL and KC is something we love even though we are based in Tampa. My wife's Bachelors is in Interior Design and we have several architects that we work with...several that do RE investment in one way or another. My wife designs and runs our rehabs, so I know from experience that you have a huge jump on others with your background, but be careful not to "over do it" with the rehabs. HGTV shows these higher-end rehabs to make the show better, but that's not what makes you the best return on investment. You'll have to learn to walk that tightrope between making the property attractive to buyers and spending more than you should on the rehab. Your architectural background will serve you will and I am sure you'll have a successful business. Good Luck!

Promotion
Jamestown Invest
Build a well-balanced portfolio with CRE
Considering CRE Investing?
Download this whitepaper and learn about CRE investing from a manager with a 38 year track record
Learn More

@Bridget Gramlich , welcome fellow architect! This is as much fun as architecture, for different reasons. My advice is listen to every podcast you can, do audible books on REI, go to some of the many meetups and talk to some folks. Work on knowing how to analyze a deal, find your core team, search for your farm area, and getting funding in place. once you get past the first one, it goes quickly.

@Doug Smith wisely cautions on cost effective improvements that still looks good. You can get a lot of different ceiling lights for about the same price, some just look better than others. 

Good luck and let me know if I can help.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you