I want to go fulltime in house flipping business

[Kyle Doriety]

Hey guys I’m in a job that I absolutely hate. Each day I hate it more. I have a little bit of real estate experience and I really enjoy rehabbing properties. I have 2 rentals and a pretty big flip under my belt. I really want to go full time flipping to create income to (a) live off of and (b) drive profits in to more and more rental units.

My wife has a 6 figure income and insurance the whole 9. Which I’m very grateful for. I guess I’d like to hear from someone who has maybe started similarly to me and made it. I’ve been looking into market analysis and so forth. One question I’d like answered is what kind of population growth should I look for in a market? And any other thought or advice would be great! Thanks!

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Quote from @Kyle Doriety:

Hey guys I’m in a job that I absolutely hate. Each day I hate it more. I have a little bit of real estate experience and I really enjoy rehabbing properties. I have 2 rentals and a pretty big flip under my belt. I really want to go full time flipping to create income to (a) live off of and (b) drive profits in to more and more rental units.

My wife has a 6 figure income and insurance the whole 9. Which I’m very grateful for. I guess I’d like to hear from someone who has maybe started similarly to me and made it. I’ve been looking into market analysis and so forth. One question I’d like answered is what kind of population growth should I look for in a market? And any other thought or advice would be great! Thanks!

I'd pick a location an easy half hour to 45 minutes away. If it's too far you waste all of your time driving. I'd assume a 10% drop in ARV (value) over the next 6 months. So, if the property would sell today, all fixed up, for $500,000 I'd adjust to an assumption of selling it at $450,000 all fixed up in 6 months. I'd calculate real estate fees (to sell at the other end), carrying costs for 12 months (in case it doesn't sell right away) capital gains on any profit, a couple of surprises along the way (like delays, things taking longer because "supply chain" shortages.

Buying right is the trick to making a profit in flipping. Know before you go.