You guys helped me $40,000 on a Fix and Flip Thank You!

[Zalman Schurder]

Hi friends,
I just made 40k on a flip. Very blessed.

I jumped in based on guidance and DM's from people on this platform, so I thought I'd stop to say THANK YOU and dig deeper.

Purchase price 215k

Rehab 60k

Holding costs...

Sale 350k

I loved the process and felt alive again doing the project.

Where do I go from here?
I want to do this bigger and better. I also have investors who are happy to finance projects and go 50/50 on the proceeds.

How do I find good deals quickly? In a market with good turnaround?

How do I scale this to 5-6 annually?

I live in South Florida, do I need to stay local, or can I do this out of state?

Where can I lean more about this?

I'd also like to BRRRR at some point but looking to build equity flipping first?
Is that a good strategy? 

All guidance and feedback is much appreciated.

[Andy Sabisch]

Great to hear your first deal went well but you need to temper the excitement of that deal with the reality that all do not necessarily go the same way. Unexpected issues invariably arise which is why underestimate the ARV and overestimate the reno costs is a rule you can't deviate from. You make your money on the buy so make sure you are getting into the right deal and not trying to force fit a deal because it looks like a winner. Be careful about investing remotely without a crew you can draw from. If you need to find a trades person remotely, you need to be sure that you are getting the A team and not the ones that can't find work. I always say that if you call someone and they can come right over (and you have never used them before), keep calling . . . the one you want is the one that is booked.

Be careful about taking on partners / investors with one under your belt - if something goes south, your reputation and their money (along with your equity) will follow suit.

Join a local REIG to find investors that may be interested in partnering and see if there are deals offered.  Our REIG has deals offered at the start of every meeting.

Equity accumulation is a great goal but as you have seen here, there are a number of deals that can wipe out the profit of multiple deals in one shot.