Victoria, British Columbia · Member since 2016 · 8 posts · 0 votes
I'm a noob to real estate. My mentor in LA told me to look for people who flip properties in Vancouver.
Any advice on getting started?
Anything helps. I'm still not sure what the process is to find and flip properties. I'm basically at the level where it's like, "Oh hey a cheap, run-down building! I could make it nice and sell it for more!"
Is there more to it?
And how would I wholesale houses instead?
Blessings,
Kris
Investor · Wilmington, DE · Member since 2015 · 55 posts · 19 votes
10y
Hi Kris, being new to the game myself I HIGHLY recommend the book that J Scott wrote for BiggerPockets. It is a very thorough and methodical approach to fix and flips, and I consider it the finest resource on the process that I've seen on the internet or in a bookstore. Spend the $30 and get it!
But to actually answer your question, you will first want to establish how you will find your deals. Today's market is pretty good (FHA rates are great, there's still a high number of foreclosures on markets, etc.). In my market, I have a Real Estate agent team that has put filters on the MLS system and sends them directly to me. Other methods involve "driving for dollars" (search BiggerPockets for this term), finding a Real Estate Investment (REI) group local to Vancouver to network with, or doing your own advertising. I recommend starting with the MLS first, since it will give you an idea of houses in the area.
Investor · Wilmington, DE · Member since 2015 · 55 posts · 19 votes
10y
Hi Kris, being new to the game myself I HIGHLY recommend the book that J Scott wrote for BiggerPockets. It is a very thorough and methodical approach to fix and flips, and I consider it the finest resource on the process that I've seen on the internet or in a bookstore. Spend the $30 and get it!
But to actually answer your question, you will first want to establish how you will find your deals. Today's market is pretty good (FHA rates are great, there's still a high number of foreclosures on markets, etc.). In my market, I have a Real Estate agent team that has put filters on the MLS system and sends them directly to me. Other methods involve "driving for dollars" (search BiggerPockets for this term), finding a Real Estate Investment (REI) group local to Vancouver to network with, or doing your own advertising. I recommend starting with the MLS first, since it will give you an idea of houses in the area.
Victoria, British Columbia · Member since 2016 · 8 posts · 0 votes
10y
Hey Ben! Great tips I'll definitely pick up the book and I've now started to look for some local groups :) you've given me some pure gold! I'm gonna start to dive in. Thank you!
Developer · Vancouver, British Columbia · Member since 2014 · 122 posts · 26 votes
10y
Hi Kristoffer Roxas and welcome to BP,
There is so much more to flipping than meets the eye everything from how you setup your finances and legal structure before you buy to strategies on how you sell the property to maximize return.
We have been flipping houses in Vancouver BC for some time now (some our own and others by partnering with similar likeminded folks) and every area in the lower mainland is different.
What exactly are you looking to do in Realestate?
PM me if you like also.
I'm super new myself but have found a TON of useful information in the BP podcasts. There's so much there I started a notebook just for them. I don't think it matters whether you start from newest or oldest. Just keep in mind the oldest podcasts were a slightly different market than we're seeing today. Enjoy and good look!
Montreal, Quebec · Member since 2015 · 16 posts · 4 votes
10y
Kristoffer Roxas Welcome my man! I'm also in the same place as you right now so I'll be following this thread closely! You mentioned a mentor in LA, how did you find him while living in Vancouver?
Pawan Johar I'm also interested in what you have to say about the finance and legal side of flips, but your pm seems to be private?
Victoria, British Columbia · Member since 2016 · 8 posts · 0 votes
10y
Hey Pawan Johar o, I'm looking to earn some side income. I just moved to Vancouver from Victoria, and I'm going to be working 2-3 jobs soon. I'd like to add something hard-hitting like real estate to pay off debt and build up to my dream of owning an island in the Philippines ($3-5M USD). Will send you a PM now.
Hey Ed Chandler , thanks!! I just checked them out and will have a listen :) they look phenomenal!
Hey Tristan McGowan , great to have you on the thread! I lived in LA for a few months while I was attending seminars and dancing professionally. I met him at one of the seminars. One day he posted that he was looking for people to get involved with his real estate flipping, I asked if I could get involved, and he said yes!
I think the other way to get mentors would be to network locally. It would also be more convenient to learn, since it's an immersive type of learning experience I've heard. Gotta check out properties, etc.