How did you get started flipping and rehabbing homes?

Question

Good Afternoon BP,

How did you get started flipping and rehabbing homes? What got you started?

How have you progressed from your first flip to your current project?

Scott E. · Answer

How did you get started flipping and rehabbing homes? What got you started? - I bought a turn key single family house from a house flipper as a house hack. After moving in I realized that when the house flipper sold me the home, they probably made like $30,000 for just a few months of work. At the time I thought I wanted to get right into buying rentals but became motivated to use house flipping as a way to build capital to buy rentals.

How have you progressed from your first flip to your current project? - After flipping a few homes I was hooked on taking old ugly 60 year old houses and making them awesome again. As a house flipper you are improving neighborhoods, creating jobs, building teams, and making money. It's a rewarding line of work. My current projects are much bigger than my first flip. And I now hire designers and and more skilled contractors to do the work.

Eliott Elias · Answer

Building out systems and processes, from start to finish of a project. Rehab estimates are still in accurate and I am working on that currently.

Bob S. · Answer

How, walked it with someone doing deals,  ran the numbers and ran the comps, flipped the contract. Well that was about 500 deals ago.

What got me started, I wanted to be able to work from anywhere and have free time. Well I built a large team, and I can work from anywhere while I do all my business in Cleveland,

All the best

Shaniqua Knight · Answer

Will do! Thank you!

Katlynn Teague · Answer

Shaniqua, I love to hear that! The best part about Bigger Pockets is that you are able to learn so much from everyone on these forums. I see that you are a broker, have you ever helped a client of yours find an investment property? Or do you know anyone that has invested?

I have found that many investors are looking to partner on deals to help newbie investors get their feet wet! When it comes to raising capital, private money is also a great option with lower interest rates and less hassle. Also, hard money is a great route to leverage the capital you do have however, it does come with higher interest rates and stricter terms.

There are lots of ways to get started, I wish you the best of luck, and keep us posted on your first deal!

Shaniqua Knight · Answer

I am still in the process of getting started haha. Currently in search of capital along with what I am saving to invest.

Katlynn Teague · Answer

A great way to get started is by watching someone else and doing it better haha! I love to hear that Bob!

Your goal of being able to work anywhere and having the freedom to do so is many new investors' goals as well. I love to see that you were able to achieve that and continue to grow your business. It shows the newbie investors, that it is possible as long as you are willing to put in the work and dedication to getting there!

Katlynn Teague · Answer

Eliott, absolutely! The systems and processes are what can make or break you during a rehab! Are you using the same contractor for each project for your estimates?

Katlynn Teague · Answer

Scott, I bet that was an absolute shock when you found out!

I feel like a lot of new real estate investors go for rentals before flips. Like in your situation, purchasing a property-to-house hack may come across as less stressful than purchasing a distressed property.

Your plan is exactly what mine is haha! Taking the capital from flips to purchase rentals and then having residual income each month.

I love to hear that it has become so successful for you. Flippers help communities so much by improving properties/neighborhoods, increasing values, building teams, and creating jobs as you said!

I would love to see some before and after photos of your properties!

How did you get started flipping and rehabbing homes?

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