First Time Flippers

12 Replies

Is there anyone else out there embarking on the journey of flipping a house for the first time?

I am attempting to get first fix and flip in Okla.It appears there are a lot of newbbies on this site.Not from New York but wish you lots of good luck

I am just getting ready to get started on my journey as well!  May the force be with us.

I am! Well, that's if I get the house I have put an offer in. Listing agent doesn't seem in a hurry to close the deal. It's a cute house, not too big of a project, and I am super excited to do this! Good luck to everyone. We should start a support group on here.... I am sure we'll all hit snags along the way. 

I just found a house for $125,000. I'm sure I can get it for much lower. Houses in that area are going for $250,000. An agent listed this house on the MLS as well, so I know that it can't be that rough on the inside, but then again who knows.

Next step: Find funding!!!

Me too.  Taking the plunge.  Just hope with all us newbies, there is room for all of us to make some money.

I am as well.  Looking for a house to purchase at a good discount so I can flip it.  We do need a support group.  This is very stressful.

I just sold my 5th flip, and closed on my 6th two weeks ago. On the first one, I was so nervous at closing, but it worked out! Not an expert by any means, but when I was starting out, it worked well to do a lot of the work myself to keep expenses low. At this point, I'm hiring out more and more (as I am able to afford it now), but that early experience of doing the work really helped me in dealing with contractors later on. I'm just a lot more knowledgeable.

Be realistic with your resale prices, over-estimate renovation expenses, and plan on holding longer than you think.

How did you go about getting funding for your first flips? I have Good credit but not much in the way of liquid funds. Found a nice property that I want to find funding for. Any help in ref to funding resources that work with 1st timers would be greatly appreciated.

Originally posted by @Winston Matthew :

How did you go about getting funding for your first flips? I have Good credit but not much in the way of liquid funds. Found a nice property that I want to find funding for. Any help in ref to funding resources that work with 1st timers would be greatly appreciated.

Unfortunately, I don't think there's any way to do it without at least a down payment for HML. I'm talking out a HELOC to use as the down payment.

I could be wrong, though.

For those of you who are serious, J Scott's book has a ton of excellent tips

Book on Flipping Houses

It's a great to have a support group on BP, but you really need to step out of your comfort zone, and go to your local REIA to network. Not the guru ones (keep your wallet at home) but the pure networking ones. If you find a group on meetup promising you all the benefits of real estate, huge sign it's a guru program.

Get some ideas, meet other people, build your team. Shadow someone if you can. 

The more you can learn from other people, the fewer mistakes (hopefully) you will make. 

To your success! 

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