Investor · San Clemente, CA · Member since 2016 · 29 posts · 4 votes
Hello everyone I'm an inexperienced house flipper looking to do a first flip. All I have been doing is just gaining knowledge by reading books and forums that deals with house flipping. Was wondering if anyone has done a flip around Chula Vista, CA? Looking at websites like zillow.com I have noticed that a lot of houses are being sold. If anything I would love to connect with you!
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
9y
Are many of those homes sold in Chula Vista freshly remodeled, sold by an LLC, and purchased for all cash just a few months prior ... if so, those are flippers and it may be a good place to flip. Then again, if you do flip there, all those other flippers are your competition. I don't know Chula Vista, BTW, just telling you what I would look for. You can flip in any market you can close on a great deal in. It may be easier to find a deal in a place with older and more distressed housing inventory ... this is a fine balance, though, because if the neighborhood is too distressed, then you may have trouble selling it after remodel.
Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
9y
Are many of those homes sold in Chula Vista freshly remodeled, sold by an LLC, and purchased for all cash just a few months prior ... if so, those are flippers and it may be a good place to flip. Then again, if you do flip there, all those other flippers are your competition. I don't know Chula Vista, BTW, just telling you what I would look for. You can flip in any market you can close on a great deal in. It may be easier to find a deal in a place with older and more distressed housing inventory ... this is a fine balance, though, because if the neighborhood is too distressed, then you may have trouble selling it after remodel.
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
9y
I think you can find flip opportunities in Chula Vista but the competition is tough everywhere in San Diego. I was at a flip opportunity on Thursday in Escondido at lunch time. The property already had 5 cash offers after one day on the market and when I was there it looked like an open house; there were 5 or 6 other investors looking at the property at lunch including some from Temecula.
So you will need to work it hard as many of these flippers have a lot of experience and big pockets.
I do not hope to discourage you but to make sure you know the competition level in San Diego. I believe with hard work you can find a good flip prior to it hitting the market.
I work for a real estate investment brokerage in San Diego and we find properties all over the County for investors wanting to flip. We have sold properties in Chula Vista to our investors and they have done great! As long as the numbers make sense, anywhere in San Diego County is great for flipping right now. We find 6-10 off-market properties per month. Feel free to message me if you are interested in getting access to our properties.
Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
9y
I'm sure you have heard all this, but I will mention it anyway. Find a good deal. Rehab costs are part of the equation. Get a good scope of work and understand realistic costs before purchase. Don't take the sellers word on rehab costs. Get your own independent scope. Drop the numbers into your equation - if it doesn't work - walk away. Don't think you can play around with the rehab numbers and make it work out for you. Sometimes you can, many times you can't. Also don't put granite counter tops in a vinyl floor neighborhood and expect to sell it for what you think you deserve. Know what you will get out of it in the end. ROI is king!
Contractor · Hollywood, MD · Member since 2016 · 139 posts · 47 votes
9y
Welcome to the game @Richard Nix M. Caasi. Do you already have a good/trusted GC? I'm asking because the good ones are tough to get for a new flipper in SD. There are many flippers here, I personally work with Corey Finnie with SD Flips, and Henish P with The Home solution Co. They both do multiple flips a month. Pm for their contacts.