Hey BP I have some flip questions. I have a single family rental that I am thinking about flipping. I have never flipped a property, so I'm not sure the correct avenues or people to contact. How do you initially figure the value of the property, determine amount of capital to inject and what to actually upgrade on the property, and then determine what the ARV is going to be? Do you guys usually go through an agent to find comps and get their opinion? Or do you purchase an appraisal on your own and can the appraiser give thoughts on ARV? Just not sure if the initial process to figure out the numbers and see if it is a deal. Any thoughts are appreciated. Thanks!
I highly recommend that you spend time on the site, reading through the education section and the forums. Also, if you prefer a more structured introduction, pick up the BiggerPockets Flipping & Estimating books.
All the questions you've asked are answered throughout this site and in the books...
@J Scott thanks for the reply! I'm brand new to the site and trying to get a feel for how everything works. I appreciate the input and I will definitely do some more digging into the archives. Thanks!
Please don't vote for this post because I feel like I'm cheating by recommending something from this site.
There's a lot to learn about real estate. You could spend years learning and never end up taking action. You are considering flipping a specific property. I would recommend that you actually DON'T spend too much time on Bigger Pockets right now unless you have a very specific question. I would recommend instead that you get 'The book on flipping houses'. If you order it from this site rather than Amazon.com, you will also get 'The book on estimating costs'. Right now you need to focus and you need specifics. There's an overwhelming amount of information available in the posts and forums throughout this site - I learn something every time I'm on it. Right now, though, I really think you might be served better by tunnel-vision and those books will start you off tomorrow on a one-stop shop.
Best of luck Brandon.
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