New to forum & flipping - also a couple Q's

9 Replies

Hi All,

My name is Chris and I live in the Boston area and am new to flipping and this forum. I just started reading J Scott's Flipping Houses Book, and have ambitions of flipping houses some day. Currently I am a business consultant and would like to do flipping on the side. I am perusing the forums now and have a couple of random questions on flipping houses:

For people that flip houses reguarly, what are the main reosurces you use to find potential houses to flip? Websites, real estate brochures, driving around etc?

Two common themes I am seeing are you have to buy the house at the right price, and you have to have good contractors. Is there somewhere on the web, or maybe even this forum, where people in certain regions can share good/bad experiences with certain contractors?

Is there a good or bad season to start flipping a house (ie houses are cheaper during this time of year, or they sell more during this time of year etc)?

Thanks for reading and happy to be a part of the community here!

Hi Chris, welcome to BP.

This is a great place to learn. Make sure to listen to all the BP podcasts, read the articles on the main blog and be active in these forums to learn a ton very quickly about any topic in real estate you want to know more about.

This is also a great place to meet people that can be assets to your business. Lots of great connections all over but we also have a very strong and active contingent here in MA on here so make sure to find them (Set up some keyword alerts to find out about local topics) and get connected.

Besides doing that on here make sure to get out to some of the many local investor events we have.  The closest and probably the next one to try is the Boston AREIA in Medford (Believe the meeting is next Thursday).  My favorite one is the Black Diamond meeting in Waltham (2nd location in Worcester).  Lots of other things north and south of the city so depending on where you might want to try to focus you can decide what makes the most sense for you.

As for some of your questions people have a whole array of ways they get deals. People will drive for dollars, they will use direct mail (with the D4$ list as well as purchased lists), online lead generation websites, bandit signs, craigslist (posting ads as well as answering ones posted), buying from wholesalers and buying off the MLS. No right or wrong way just try some stuff and see what works for you, and probably want to have a couple going on at once.

As for rating contractors.  I don't know any great way.  Best thing you can do is get one referred to you by another active investor.  Beyond that you can always check them out and see if they are on the BBB or things like Yelp.  People use Angie's list though I never have so can't say if it is actually any good or not.

As for your seasonality you will always get your best deals in the winter (say early Nov though New Years since nobody wants to move then, if looking at bank stuff won't be as great once the new years rolls around.  Dealing with humans it will still be better for another month or so).  You will be best getting your stuff on the market in the spring as that tends to be the best market for selling during the year.  None of this means you can't buy a good deal in May and sell it in November but that is just going against the grain more.

Shaun Reilly, Real Estate Agent in MA (#9517670)
1-800-774-0737

Hi Shaun,

Good luck! We have flipped about 12 properties and continue to learn and grow on each one!  One helpful strategy we have used is to team up with a realtor in the area you want to flip in. Someone who is experienced, hustles and knows the local market cold. They have helped us and brought us most of the flips we have done.  There are some great realtors who understand the needs of real estate investors and others who do not "get it."  I am sure there are some helpful ones in the areas you want to flip. 

Good luck! Let us know if we can be of further help!

Liz Faircloth

Welcome Chris, to BP were you can find what a newbie need to formulate his or hers mind in real estate. The forums is were you can find great info about flipping but before you go searching, you need to update your page with a picture and more about yourself so people can see what you're about..

Originally posted by @Chris Willson:

Hi All,

My name is Chris and I live in the Boston area and am new to flipping and this forum. I just started reading J Scott's Flipping Houses Book, and have ambitions of flipping houses some day. Currently I am a business consultant and would like to do flipping on the side. I am perusing the forums now and have a couple of random questions on flipping houses:

For people that flip houses reguarly, what are the main reosurces you use to find potential houses to flip? Websites, real estate brochures, driving around etc?

Two common themes I am seeing are you have to buy the house at the right price, and you have to have good contractors. Is there somewhere on the web, or maybe even this forum, where people in certain regions can share good/bad experiences with certain contractors?

Is there a good or bad season to start flipping a house (ie houses are cheaper during this time of year, or they sell more during this time of year etc)?

Thanks for reading and happy to be a part of the community here!

 The best ways to find properties that I've seen/used are:

- Foreclosure auctions

- Mailing to people in foreclosure (or out-of-state absentee owners, probate, fixers you find in you target areas, etc.)

- Knock and talk with people being foreclosed on

- Making lots of offers on REO's

- Contacting banks directly to talk to their REO department or even buy non-performing notes

- Bandit signs

- Networking with wholesalers, real estate agents and other potential sellers

As far as contractors, I would go to your local REIA group and ask for referrals. You can also look on craigslist (just make sure to vet them carefully and ask for references because many are cheap) or Angie's list (just know that most of them focus on owner occupants and are too expensive). And always be asking people for referrals on any sort of contractor or vendor you're looking for.

@Chris Willson Welcome.

At our Movers and Shakers meeting last Friday 8/8, one investor complained that when he went to Craig's List and communicated with three different contractors, None showed up or gave him estimates.

However there were four at our meeting and two gave him estimates then and arranged to meet him at the property the next day.

You're right, Contractors are critical Especially local in Boston, Massachusetts! (Site link in the signature below)

I agree with @Mike Hurney  that not all contractors are equal. Be sure to attend MA real estate networking meetings hosted by BP members such as www.massrealestate.net and Black Diamond events hosted by @Ann Bellamy  to become more knowledgeable, as well as make important contacts to further your investing. Feel free to reach out to me with specific questions. I have experience as a real estate agent, contractor and investor. Good luck, and hope to meet you at an event.

Brian Ortins, Real Estate Agent in MA (#009530456)
978-979-5007

Thanks everyone for the replies...I definitely am going to try and make it out to one of the networking events on here. Seems like there are a lot of flippers in the area. 

Welcome @Chris Willson There's no shortage of rehabbers in our area so you'll have to be very proactive in finding sellers. As others have mentioned, there are many many ways to do this. I'm sure you'll come across some good posts if you do a search for "finding sellers". Also, be sure to attend local REI events and stay active on BP.

And yes, contractors are a HUGE component of a profitable rehab vs. a nightmare.  Again, networking with investors and contractors should help with this.

@Chris Willson  Welcome to Biggah Pahketss! You can get a lot of gold nugget tips from the podcasts; I like to listen to them on my drive to and from work. Also if you haven't already check out the Ultimate Guide to Flipping Houses, which is a really cool overview of where to start. I'm also trying to make it to the Black Diamond networking event this Tuesday august 19th@Ann Bellamy  hosts this event and the url for the schedule is here: http://www.BlackDiamondREI.com. If you need a ride I'd be happy to give you one.

Best,

-Justin

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