New Rookie Investor Looking to do my first House Flip

5 Replies

Hi everyone I'm Rafael a rookie investor from Chicago area. I'm looking to invest in Chicago and Northwest Indiana area. I'm looking to start my first house flip. I'm looking for help on what order do you create you perfect team to get a deal? I know you need an agent, pre approval, money lenders and contractors. I'm a little confused on how to start any help would be appreciated. Thanks!!!

Hey @Rafael Nava !  That's awesome you want to get into house flipping.  It is definitely a good time.  I think you really need to narrow down your criteria.

Location, purchase price, Loan type, rehab amount, expected ROI, etc.

Once you determine a location you can find people who work those markets (Chicago & NW Indiana is massive).  I know for example that @Eudith Vacio works NW Indiana, but I personally am really only focused on NWChicago.

Definitely keep networking and you'll find tons of people are here to help.  Let me know if you have any specific needs I can help with.

@Rafael Nava I would get a firm handle on the finances first.  How are you looking to buy and renovate the properties?  Hard Money, private lender, cash, etc??  This will dictate what areas you need to be looking in.  And Indiana and Illinois are 2 totally different animals.  So you have to really get clear on your ultimate goal.  Once you have a clear goal, then you can put together your best plan of action. Let's chat when you have some time.  

Originally posted by @Rafael Nava :

Hi everyone I'm Rafael a rookie investor from Chicago area. I'm looking to invest in Chicago and Northwest Indiana area. I'm looking to start my first house flip. I'm looking for help on what order do you create you perfect team to get a deal? I know you need an agent, pre approval, money lenders and contractors. I'm a little confused on how to start any help would be appreciated. Thanks!!!

My recommended order:

  1. Agent- I say agent first because the good agents will already have a network in place that you can leverage to build your team. Interview agents with networks & systems in place.
  2. Lender- Until you find the right agent w/ a network start interviewing lenders unless you're paying cash. Bottom line- You can't flip w/o $, either your $ or someone else's money.
  3. Attorney- This is a business & you need to have someone represent you. Representing yourself is a fools' errand. (A good agent will be able to provide referrals)
  4. Contractor- This is a tough one; why? Until you control a property it's going to be tough to get a contractor to pay attention, but you should start developing a list of contractors, handymen..... The list will constantly change
  5. Insurance Agent or Company

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