How to Find More Homes to Fix & Flip?

Rehabbing & House Flipping
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How to Find More Homes to Fix & Flip?

Josh H.
Flipper/Rehabber · Northern Virginia · Member since 2019 · 58 posts · 32 votes

Hello BiggerPockets Community,

I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

How can we find more houses to flip? 

Any advice would be very appreciated.


2Reply
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Most Popular Reply

Steven Goldman
Lender · PA · Member since 2019 · 533 posts · 461 votes
2y

If you put together a team in the area you are targeting and, are willing to pay some reasonable wholesale fees, the wholesalers will find the distressed property owners. They are off market deals. If you do not want to pay a wholesale, fee you can find properties which look distressed, locate owners info and, call or, door hang them. I have had a lot of luck in Delaware County just outside of the Philly limits by teaming with a rehabber. He organizes and performs the construction. I provide the capital and we split the profits as members of an LLC. When he is working in those areas he has signage on his truck, on the property, advising the neighborhood we are buying. We get off market estate and distressed properties. Often, from older households, who are more negotiable because of their acquisition price. It is not a formula for everyone but you need to think outside the box, if you are going to operate in a high price, high material cost and interest rate environment. Looking forward to better market conditions in the future! Keep pushing forward.

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  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    2y

    since youre in that DMV......I would extend my reach out to about an hour away radius.......hit code violations, probate attorneys and preforeclosures HEAVY.......also throw some driving for dollars. 

    I would also find an aspiring Wholesaler too who may have done 1-5 deals......offer them small equity play for good deals as well as mentorship on flipping. youll get the deals without the wholesale fee that way. 

    2Reply
  • Josh H.
    OP
    Flipper/Rehabber · Northern Virginia · Member since 2019 · 58 posts · 32 votes
    2y

    Hi Kerry,

    Thank you for the suggestions. We have been searching for properties up to 1.5 hours away, so we are on the same page there. I have one question: when you say hit code violations, probate attorneys and preforeclosures heavy - are you referring to doing reach out by phone or by mailers? We have a wholesaling company and have a single onshore caller (who is a friend of ours), calling about 20 hours per week for the last month but she hasn't been able to come up with any good deals yet. Based on that and talking with other people, I thought wholesaling (ie. cold calling and mailing, trying to find deals) was just about dead, but I hope I'm wrong.

    0Reply
  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    2y
    Quote from @Josh H.:

    Hi Kerry,

    Thank you for the suggestions. We have been searching for properties up to 1.5 hours away, so we are on the same page there. I have one question: when you say hit code violations, probate attorneys and preforeclosures heavy - are you referring to doing reach out by phone or by mailers? We have a wholesaling company and have a single onshore caller (who is a friend of ours), calling about 20 hours per week for the last month but she hasn't been able to come up with any good deals yet. Based on that and talking with other people, I thought wholesaling (ie. cold calling and mailing, trying to find deals) was just about dead, but I hope I'm wrong.


     What lists are you using? 

    0Reply
  • Josh H.
    OP
    Flipper/Rehabber · Northern Virginia · Member since 2019 · 58 posts · 32 votes
    2y

    Just Propstream High Equity (at least 40%) Absentee Owner

    0Reply
  • Mark WilliamsPro Member
    Real Estate Broker · Huntington Beach, CA · Member since 2010 · 63 posts · 35 votes
    2y
    Quote from @Kerry Noble Jr:

    since youre in that DMV......I would extend my reach out to about an hour away radius.......hit code violations, probate attorneys and preforeclosures HEAVY.......also throw some driving for dollars. 

    I would also find an aspiring Wholesaler too who may have done 1-5 deals......offer them small equity play for good deals as well as mentorship on flipping. youll get the deals without the wholesale fee that way. 


     Great advice! 

    [email protected]714-745-6164
    1Reply
  • Ke Nan Wang
    Developer · St. Augustine, FL · Member since 2018 · 311 posts · 384 votes
    2y
    Quote from @Mark Williams:
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.



     Hi Josh, 

    Thank you for sharing your situation and the challenges you're facing in the real estate market. It's clear that you and your wife have done an impressive job with your flipping ventures, and your wife appears to be adept at managing the business.

    Given the current difficulties in finding profitable flips in the Washington DC, VA, and MD area, it might be worth considering a shift in roles within your partnership. Your experience and earning potential from your previous job, which paid over $100K a year, can play a crucial role in supporting the business.

    One possible approach could be for you to explore employment opportunities again while your wife continues to lead the flipping business. This can help you maintain your financial stability and protect the hard-earned capital you've built. Your income from a regular job could also be used to finance the flips, ensuring that you have a steady source of funds for the business.

    This division of labor could provide the business with a more sustainable and balanced approach. Your expertise could still be invaluable in terms of financial management, risk assessment, and long-term business planning along with helping your wife on the weekends. 

    It's important to have an open and honest conversation with your wife about this possibility and evaluate how this arrangement would best serve your financial goals and the overall well-being of your family. Remember that adaptation and flexibility are essential in navigating challenging markets. Wishing you both the best of luck in your endeavors."

     I second this. Try your best to find another employment is the most secured option, even if you had to take a little pay cut. 

    The reality is this, the market is going soft, so your ARVs are coming down. But sellers aren't seeing it that way yet, so it will take sometime, maybe a year, for sellers to come to reality that those prices are not feasible anymore. 

    You could double down on your entrepreneur journey and try to make it work, it will be nerve racking until you make it through. Are you and your wife committed to walk that path? 

    1Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    2y
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.



     Buy rentals, flipping is a job a good one but a job. BIGGEST mistake I made (cost me millions) was not keeping 50 more of the 500 or so I flipped, 50 would be about 40K NET INCOME a month, and have a value of about 5.5 mill, what more do you need, NOTHING!! Take the 500ksih you have, you can buy about 10 props for about 100kish, with 1300ish in rent, Use seller financing, and call it a day. Or find a flip make you, 100kish, or so, then have to do it again, and again. Like I said a job. 

    All the best 

    4Reply
  • Carrie Matuga
    Lender · Riverside, CA · Member since 2017 · 248 posts · 98 votes
    2y

    Get on the lists of all the wholesalers you can find in the area, join the FB groups for investing in your regions and maybe look at expanding your radius?

    1Reply
  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 654 votes
    2y
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.


    As someone in a similar place, flipping is dead atm, because I’m a crazy person I look at 13 counties every single day, look at wholesale off market stuff, I hate to say this but the margins just aren’t there, you don’t make the market, the market decides these things for you. I’d frankly just accept where we are at and wait it out and in the interm go do something else with your time.
    2Reply
  • Josh H.
    OP
    Flipper/Rehabber · Northern Virginia · Member since 2019 · 58 posts · 32 votes
    2y
    Quote from @Bob S.:
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.



     Buy rentals, flipping is a job a good one but a job. BIGGEST mistake I made (cost me millions) was not keeping 50 more of the 500 or so I flipped, 50 would be about 40K NET INCOME a month, and have a value of about 5.5 mill, what more do you need, NOTHING!! Take the 500ksih you have, you can buy about 10 props for about 100kish, with 1300ish in rent, Use seller financing, and call it a day. Or find a flip make you, 100kish, or so, then have to do it again, and again. Like I said a job. 

    All the best 


    Hi Bob,

    Thank you for the advice. What you said really resonates with me, as it is a common theme that I have now heard a few flippers say. I will certainly be holding onto some properties as long term rentals. We have a beachfront STR that is doing very well, and are looking to purchase more. Thank you again for the advice, I will make sure to keep some of them.

    Best,

    Josh

    2Reply
  • Josh H.
    OP
    Flipper/Rehabber · Northern Virginia · Member since 2019 · 58 posts · 32 votes
    2y
    Quote from @Jack Seiden:
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.


    As someone in a similar place, flipping is dead atm, because I’m a crazy person I look at 13 counties every single day, look at wholesale off market stuff, I hate to say this but the margins just aren’t there, you don’t make the market, the market decides these things for you. I’d frankly just accept where we are at and wait it out and in the interm go do something else with your time.

    Yeah it sucks, we are doing less flips because we are being forced to - the deals just are not there right now. However, as you mentioned, I should find something else to do with my time, I am - we just started a tear down and rebuild project and are going to start another one soon. We will keep looking for flips though, some will pop up in the coming months - but I will stay busy in the meantime!

    0Reply
  • Corby GoadeBusiness Member
    Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
    2y
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.



     The truth is that flipping is hard, it's risky and it's expensive. You aren't having a unique experience. If it were easy to find deals and cheap to rehab, everyone would be doing it. 

    Networking and going in 110% is the way. Get out and talk to everyone you know- realtor's, wholesalers, lenders, go to meetups, shake hands, etc. 95% of the deals people do come from the connections they make with others in their market. 

    1Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    2y
    Quote from @Josh H.:
    Quote from @Bob S.:
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.



     Buy rentals, flipping is a job a good one but a job. BIGGEST mistake I made (cost me millions) was not keeping 50 more of the 500 or so I flipped, 50 would be about 40K NET INCOME a month, and have a value of about 5.5 mill, what more do you need, NOTHING!! Take the 500ksih you have, you can buy about 10 props for about 100kish, with 1300ish in rent, Use seller financing, and call it a day. Or find a flip make you, 100kish, or so, then have to do it again, and again. Like I said a job. 

    All the best 


    Hi Bob,

    Thank you for the advice. What you said really resonates with me, as it is a common theme that I have now heard a few flippers say. I will certainly be holding onto some properties as long term rentals. We have a beachfront STR that is doing very well, and are looking to purchase more. Thank you again for the advice, I will make sure to keep some of them.

    Best,

    Josh


     Where is your beachfront? I assume FL, where ?  

    All the best 

    0Reply
  • Josh H.
    OP
    Flipper/Rehabber · Northern Virginia · Member since 2019 · 58 posts · 32 votes
    2y
    Quote from @Bob S.:
    Quote from @Josh H.:
    Quote from @Bob S.:
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.



     Buy rentals, flipping is a job a good one but a job. BIGGEST mistake I made (cost me millions) was not keeping 50 more of the 500 or so I flipped, 50 would be about 40K NET INCOME a month, and have a value of about 5.5 mill, what more do you need, NOTHING!! Take the 500ksih you have, you can buy about 10 props for about 100kish, with 1300ish in rent, Use seller financing, and call it a day. Or find a flip make you, 100kish, or so, then have to do it again, and again. Like I said a job. 

    All the best 


    Hi Bob,

    Thank you for the advice. What you said really resonates with me, as it is a common theme that I have now heard a few flippers say. I will certainly be holding onto some properties as long term rentals. We have a beachfront STR that is doing very well, and are looking to purchase more. Thank you again for the advice, I will make sure to keep some of them.

    Best,

    Josh


     Where is your beachfront? I assume FL, where ?  

    All the best 

    Bob,

    It is in the Outer Banks, on Hatteras Island. It's a 5 bedroom, 4 bathroom, 2500 square feet home that sleeps up to 14. It is doing pretty well. It was $1,000,000 to purchase with 20% down it but it is cashflowing and will break even after the initial investment within a couple of years.

    1Reply
  • Josh H.
    OP
    Flipper/Rehabber · Northern Virginia · Member since 2019 · 58 posts · 32 votes
    2y
    Quote from @Corby Goade:
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.



     The truth is that flipping is hard, it's risky and it's expensive. You aren't having a unique experience. If it were easy to find deals and cheap to rehab, everyone would be doing it. 

    Networking and going in 110% is the way. Get out and talk to everyone you know- realtor's, wholesalers, lenders, go to meetups, shake hands, etc. 95% of the deals people do come from the connections they make with others in their market. 

    Corby,

    Very true and good advice. Thank you, I will do that as well. I know the deals are out there, there may be less of them but they are out there to be had. Just have to keep looking and look in new ways if needed.

    1Reply
  • Steven Goldman
    Lender · PA · Member since 2019 · 533 posts · 461 votes
    2y

    If you put together a team in the area you are targeting and, are willing to pay some reasonable wholesale fees, the wholesalers will find the distressed property owners. They are off market deals. If you do not want to pay a wholesale, fee you can find properties which look distressed, locate owners info and, call or, door hang them. I have had a lot of luck in Delaware County just outside of the Philly limits by teaming with a rehabber. He organizes and performs the construction. I provide the capital and we split the profits as members of an LLC. When he is working in those areas he has signage on his truck, on the property, advising the neighborhood we are buying. We get off market estate and distressed properties. Often, from older households, who are more negotiable because of their acquisition price. It is not a formula for everyone but you need to think outside the box, if you are going to operate in a high price, high material cost and interest rate environment. Looking forward to better market conditions in the future! Keep pushing forward.

    6Reply
  • Matthew Paul
    Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    2y

    So you have a team in place , subcontractors that do the work , you have done 30 houses , so you know the construction game . No houses to flip , no big deal . You are basically a General contractor as I write this .  Get your Home improvement licenses in the DMV areas .  Become a contractor . You wont have to touch your funds , the customers money funds the projects . 

    You will make more as a contractor with minimal risk , 

    3Reply
  • James McGovern
    Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 408 votes
    2y

    Instead of flipping, consider shifting to owning multifamily or buying land and buiding houses on it.

    0Reply
  • Josh H.
    OP
    Flipper/Rehabber · Northern Virginia · Member since 2019 · 58 posts · 32 votes
    2y

    I agree, this is a good tactic. We are doing this with a couple of properties now.

    0Reply
  • Josh H.
    OP
    Flipper/Rehabber · Northern Virginia · Member since 2019 · 58 posts · 32 votes
    2y
    Quote from @Matthew Paul:

    So you have a team in place , subcontractors that do the work , you have done 30 houses , so you know the construction game . No houses to flip , no big deal . You are basically a General contractor as I write this .  Get your Home improvement licenses in the DMV areas .  Become a contractor . You wont have to touch your funds , the customers money funds the projects . 

    You will make more as a contractor with minimal risk , 

    I agree, @Matthew Paul - this is a great way to supplement income and diversify. I appreciate you breaking down things like you did. I was already contemplating doing this and you convinced me to move forward with it. I am applying for a general contractor's license in the state of Maryland and have bought the course and traning materials as well. Thank you.

    0Reply
  • Matthew Paul
    Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    2y
    Quote from @Josh H.:
    Quote from @Matthew Paul:

    So you have a team in place , subcontractors that do the work , you have done 30 houses , so you know the construction game . No houses to flip , no big deal . You are basically a General contractor as I write this .  Get your Home improvement licenses in the DMV areas .  Become a contractor . You wont have to touch your funds , the customers money funds the projects . 

    You will make more as a contractor with minimal risk , 

    I agree, @Matthew Paul - this is a great way to supplement income and diversify. I appreciate you breaking down things like you did. I was already contemplating doing this and you convinced me to move forward with it. I am applying for a general contractor's license in the state of Maryland and have bought the course and traning materials as well. Thank you.


     Its a Md home improvement license . 

    The test has nothing to do with building , its all about sales and the contract 

    0Reply
  • Jose JacobPro Member
    Investor · 11040 · Member since 2019 · 186 posts · 111 votes
    2y

    Fix and Flipping is a lucrative part of REI. This one of the form, like STR, LTR, MTR, Multi-Family being others. Each form has its own merits and demerits. But make sure that you invest in LTRs with the some of the money that you are profiting from fix & Flip. It has been a challenge for every one in fix & Flipping to find good properties for the last two years including me. Driving for Dollars is one of the best way to find good off market properties. MLS should be your last resort. Some wholesalers are reasonable. Always look for off market properties.

    718-200-6100
    1Reply
  • Bonnie LowPro Member
    Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
    2y

    Have you considered flipping out of state since your local area and even somewhat beyond local is apparently not working for you anymore? It sounds like you're an experienced and successful flipper so maybe look into alternative markets. Since you're out of a W2 job, you may have the flexibility to find a market you like and spend a little time there building a team and getting to know a lot of subs and trades. It is possible to manage flips remotely IF you have the right team in place and you definitely know what you're looking for in your team since you've done so many flips already. You'll have to invest some time upfront to build the team and you probably should be on site from time to time to check their work, but it's worth trying if your area has dried up. 

    [email protected]
    1Reply
  • Tammy Jean
    Member since 2020 · 4 posts · 1 vote
    2y

    Do you have anyone helping you with your lead management?

    0Reply
  • Ronnie C.
    Real Estate Investor · Middle TN and Southern KY · Member since 2014 · 71 posts · 26 votes
    2y
    Quote from @Josh H.:

    Hello BiggerPockets Community,

    I am in a little bit of a situation and looking for help. My wife and I have been flipping homes for the last three years, we have flipped 30 houses with all of them being profitable. My wife quit her job to focus on Real Estate about 1.5 years ago, due to no longer being able to work in the corporate world. I have been helping her manage the contractors on the weekends, and going out to the properties to do some work as they were being prepared to sell. 

    A couple of months ago, I got laid off from my job that paid $100K+ per year. We figured that we could sustain and maintain our lifestyle by doubling down efforts on flipping - especially since we have a little more than a year's worth of money, if we did no more flips in that time. However, we have worked very hard to build that capital and don't want to spend through it. We need more flips!

    The problem is we have found it very hard to find good flips over the last few months in the Washington DC, VA and MD area. With construction cost, material cost and the houses (even in bad condition) cost an amount that the flips are not profitable. We are checking off market sources (such as Facebook groups) as well as the MLS. The deals are just so hard to come by, and they get bid up to where they are not profitable.

    How can we find more houses to flip? 

    Any advice would be very appreciated.



     I feel your pain. I'm in the Nashville/middle TN market. It's dead here. Plenty of so called wanna be start up wholesalers and they can't get me a real deal. Part of that is they take to much for themselves, and I've seen to many flippers get burned by that. 

    I don't waste money and time on cold calling or mailers, I just stick to listed properties unless someone brings me a deal which has been a while. I'm having to look a few states away which has got me wondering considering I can't spend much time away from my elderly mom, and I can't trust trades and pay them blindly, so I don't know what I'm going to do. 

    1Reply
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