New To It All

5 Replies

Hi, my husband and I are Ga residents, we live outside the metro Atlanta area, and as excited as we are about finding and starting our first flip, it seems not to be as easy as we thought, simply because the area were in is not really known for doing such things. There are a lot of potentials homes, and we feel its a great area to start in. I guess we don't know where to begin or where to start, and yes we have done our research and homework. please somebody help.. Thanks

How have you gone about finding these deals?  You said there are a lot of potential homes, have you looked at any or made any offers?

Ashley, if you have already done your research and homework, but still don't have the confidence to start making offers, maybe you should find a mentor or partner with more experience to help you with your first few deals.

Flipping is NOT easy.  It can be very profitable, but it can also be a minefield for the uninitiated. You may have found a great area, ripe with opportunity.... or you may have found an area where nobody is flipping because it just doesn't work.

Are you a member of a local REIA?

@Greg Behan  

we've found these potentials from driving around, and researching on redfin as well. As of the moment we have not made any offers or deals, because were trying to see which home best suits us to start our first flip.

@David Midgett  

I did not think to join the local REIA, I will be sure to look into that, it's like out of all the workshops we've been to and all the research we've done, and all the help we've asked for nobody seems to give us a direct answer, not around my area anyways. I see potentials and money flowing through these beautiful neighborhoods, some which may have a few abandoned houses on each block, but nobody is telling me where to begin directly.

 Thanks in advance

@Ashley Gordon Just a tip when you go to your first REIA meeting... know why you are going. Have a specific goal in mind. When someone asks what you do or why you are there, have an answer. Any answer that is honest. Maybe you are looking for a financing source. Maybe you need an appraiser. Maybe you are just there to hear from people who have been there and done that. But "I want to learn to flip houses" works just fine.

Your original post said "we don't know where to start". That's also just fine.  Most people are overwhelmed with the options when they are starting. But if you've really done your homework, you have some ideas of what you may be interested in.  It is not enough to see opportunity as you drive around, and hope someone hands you the road map to wealth.  You have to figure out the specifics for your investing strategy on your own.

As a side note, my personal pet peeve at REIA meetings is the person (usually at their first meeting) who essentially says "I have no experience. I have no money. I have no deal. I have no special skills, ability, knowledge or expertise. But will you partner with me?"

Don't be that person!

A lot of people will mentor you and help you if you show you can bring something to the table.  But the person who asks other people to show them the exact path towards real estate riches usually doesn't attract the best possible mentor.  Instead they usually fall victim to the less-than-ethical gurus, coaches and mentors that are looking to just make money off the newbie.

You are in a great market with LOTS of opportunity.  Keep at it and Best of luck!

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