First Flip in DFW Market

[Arth Soni]

Hey everyone,

I’m getting ready to do my first flip in the DFW area and have about $100k saved.

Where should I actually be looking for my first deal? MLS, wholesalers, off-market, something else?

Would appreciate any direction from those who’ve done this before. Thanks!

[Cody Waller]

I've done about 5 flips in DFW over the last couple years. 100K is a solid starting point depending on your price range. Most of my DFW deals have been in the 160-190K purchase range with 40-55K in rehab so you're in the right ballpark if you're targeting that tier.

MLS deals in DFW that actually pencil get scooped in a day or two. I source most of mine through 3-4 wholesaler relationships I've built over time. They know my criteria and send me deals before they hit the blast list. That took a while to build though. For your first one I'd hit up both the MLS and every local wholesaler you can find at the same time. Get yourself an investor-friendly agent who understands rehab scope, not just a regular residential agent.

Biggest thing for your first DFW flip is don't close until you've walked the property with someone who can actually scope the work. Get a real number on the rehab, not a ballpark. Contractor estimates come in missing stuff half the time. That's how your 100K gets eaten up fast when the rehab runs 15-20K over.

Fort Worth has some solid pockets for flips in the older neighborhoods where homes need real work. The spread tends to be better there than the hot suburbs where everything is already priced up.