Realtor transitioning into house flipper

4 Replies

Hi, I am a realtor in NYC for over 13 years. What is the best way to start getting into house flipping and eventually attaining some rental properties for investment? Since prices are a high in NY, do you think that NJ, MA, and MI are worth investing for starters like me?

@James Mercure I'm in the same position as you are.  I'm a full-time Realtor with C21, but I'm looking to put some partners together to start doing flips.

I did a duplex in Rockland MA last year and it went pretty well.  I'm trying to put together a team.  Obviously, I bring the realtor chops to the table.  I have hard money available and *might* have private money.

I'm now looking for those who have the resources I don't  - design, contractors, etc.  For me, contractors are the biggest challenge.

We should stay in touch and do some brainstorming.

And as far as MA, I always recommend Plymouth, Bristol and Norfolk counties (South of Boston to the southeast, plus the Cape.  Prices here are a lot more reasonable.  Be sure you look at MA landlord/tenant laws before buying rentals here.  They're pretty strongly biased in favor of the tenant.

I don't know the first thing about MI or NJ, but the forums should help.

@James Mercure : To add to @Charlie MacPherson 's good notes re: flips (avoid Boston proper unless you're buy and hold right now), be sure to look closely at your fair housing requirements as an agent versus a landlord when you get into rental investments. Specifically, for me as an investor, if I were NOT licensed there are some smaller multis (2-3 units, the most common type we've got) that have exemptions for protected classes in certain cases, but as an agent you waive all exemptions.

Obviously this isn't a big concern, but I've seen it trip people up and it's a hassle if you forget.

Good luck!