First time property flipper, seeking advice (Oakland, CA)

2 Replies

Hello everyone - my name is Peter, a recent entrant to BiggerPockets. I live and work in Oakland, CA. I was hoping to get some advice from the community about what was most instructive to you in your first year of learning the property flipping game.  

Bit about me: Currently working through a transition from enterprise, Bay Area tech sales (last 8 years) into the real estate profession. I am currently working through the course material to earn a CA agent license which I hope to complete by November. I've read several books by J Scott, and spend about an hour a day researching the local market on Zillow. I have a lot of experience running complex deals with software executives in the 200k+ range. 800-range credit, no debt, 28 years old, Berkeley grad, roughly 90k in liquid/semi-liquid assets (not locked in a 401k).

I know my question is broad in nature, but I'd appreciate any advice about who I should network with (private financing, trustworthy GC's), common mistakes made, often overlooked details of a house's condition that could sink the investment, etc. I appreciate any wisdom you all can offer a passionate newbie.

Hi Peter, I am also looking for my first flip deal in the East Bay. I got my real estate license in Feb, 2020, currently living in Berkeley. For hard money lenders, I have been talking to Lending Home and Conventus. Lending home has webinar about hard money loan once a while. I think it is pretty helpful.

I echo Karena's advice - get to know what financing resources are available in your market.  You will inevitably be looking to hard money and private money lenders to finance your purchases.  $90K strikes me as a little thin to go it alone given expected costs of acquisition, carrying, repairs and sales in the Bay Area counties.  Consider partnering with a like-minded investor.  

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