Flipping houses question

3 Replies

Hey everyone, I am new to bigger pockets and I am very excited to begin my journey! I am specifically interested in flipping houses then eventually use my money to purchase rental properties later on. Anyways, I found some potential flips in my area (long Island) that I plan on analyzing this weekend. I would like to contact the real estate agents for each property, what kind of questions do you suggest I ask? Sorry for the newbie question. Thank you, Joe

@Joe Lafata , firstly, are you ready for the questions they'll ask you?

eg. How do you intend to fund your purchase and your renovations?

And if you reckon you'll do such a good job of value adding, then why flip at all?

ie. Why not refi after completion? (Then, voila! - you're already into rentals!) My 2c...

Not a whole lot you would need to ask the agent, You need to do your homework on the property, search your own comps, know your costs on the renovation like the back of you hand, and learn the areas your intending on flipping in, ie recent home sales, crime etc. You dont wanna get stuck with a house that wont sell. how are you going to complete the renovation? id suggest you learn as much in the construction end as possible as the prices of foreclosures at least by me, Rockland Westchester Orange are through the roof and not much meat on the bone to justify a flip. From what im learning its all a numbers game, 

I disagree. I think an agent offers a great value to any investor. The comps, DOM, market trends is our expertise. I tend to offer a little more and can offer a team of contractors ready and willing to work those flips along with quick estimates of rehab costs. Prior to Real Estate I was in Property Preservation and a general contractor as well. So I know my numbers in all aspects. When it comes to selling it fast. An agent again offers a great value In proactively looking for buyers for her listing in the ways of marketing, calling other agents and emailing them as well promoting that property. Listed it on just MLS isn't enough.

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