Flip n fix strategy for a rookie

[Donte Crawford]

Hi all,

Excited to begin my real estate journey in the coming months. I'm completely new to the field so currently focused on building my knowledge before jumping in. 

My short term goal with RE is to obtain 100k in profit by the end of 2026. I plan to do this by finding 2 quality flip n fix properties here in New Jersey. To be exact - start with one property then begin my second project once renovations are in progress. 

Any downsides to this approach as a rookie? 

 

[Matt Dingus]

Hey @Donte Crawford - Everyone gets started at a different pace and has an appetite to take on more than others might when they're first starting, so this isn't a one size fits all answer. But I typically recommend focusing on successfully completing 1 flip when it's your first one. Rather than starting to think about the 2nd, 3rd, and 4th. Reason being is those first couple are when you're learning most of the flipping process, construction operations, and solidifying your team in the area you're investing in. Flipping can be challenging, and I feel as though going through the process of 1 decent size project is enough for someone to handle especially if it's something you're doing as more of a side-hustle to start. After you start to get all the pieces in place, you know how to totally plan out the projects, comfortable with your team - then I think it makes sense to start scaling from there where you can handle 2, 3 projects at a time. At the very least I would focus on planning out this first one out as best as possible (scope of work, design, material selection, etc.), getting that process down pat, before thinking about the 2nd project. I feel as though that is the most important piece.