Flipping Long Distance

12 Replies

I am a new agent in Santa Barbara and want to flip properties. It's not going to happen here, or anywhere on the west coast, where the medium price for a dump is $900,000. Yet, BP Pod-caster, Brandon Turner, promulgates jumping in right away and not letting fear/lack of money stop you. All the wise and experienced investors I've read advise the opposite - don't flip remotely! So, I see no other (smart) choice but to go outside my area, and have decided to live in an RV and flip houses in other areas. In other words, become a gypsy flipper. Has anyone lived in an RV, traveling from area-to-area, building competent teams and flipping with O.P.M, (Other Peoples Money)? 

Sounds like a great concept for a reality show on HGTV! You should pitch that to them and other DIY channels and or producers.

There are always deals in every market. There may not be a bunch but if you’re consistent in your marketing and making offers you will find deals.

That being said  you can absolutely flip remotely if you know what you’re doing but you need to have a solid team in place where you are flipping. I do this all up and down the southeast US but I am very experienced and have done hundreds of projects. 

Thanks Greg,

LOL! You and I think alike. As a pro dancer (also) I would be a good choice for an HGTV show, having lived my life as an entertainer - (want to be my agent?), so maybe I'll do this once I start actually flipping!

Meanwhile, I would prefer to stay here and work in my own back yard, but, cannot find a property in SB with an ARV that makes sense. I'm going to keep trying, but, at some point I have to start and get going! Your encouragement is appreciated:)

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Originally posted by @Alexandra King:

I am a new agent in Santa Barbara and want to flip properties. It's not going to happen here, or anywhere on the west coast, where the medium price for a dump is $900,000. Yet, BP Pod-caster, Brandon Turner, promulgates jumping in right away and not letting fear/lack of money stop you. All the wise and experienced investors I've read advise the opposite - don't flip remotely! So, I see no other (smart) choice but to go outside my area, and have decided to live in an RV and flip houses in other areas. In other words, become a gypsy flipper. Has anyone lived in an RV, traveling from area-to-area, building competent teams and flipping with O.P.M, (Other Peoples Money)? 

 You can definitely flip here in Santa Barbara, We did 20 flips here in town last year.

You can absolutely flip remotely just as well as you can flip locally.  

There's very little that changes in the process other than needing to rely on more people to be there for you when you can't and therefore reducing your potential margins.

The hardest parts are finding the properties and financing, and those are the same problems that you're going to find anywhere.

@Storm S.

you did 20 flips in SB last year?  How did you find 20 homeowners to sell their homes at a discount in a seller's market?  Or are you flipping just for the commission from buying/selling, and not actually looking to profit on the flip itself?

Originally posted by @Cornelius Charles:

@Storm S.

you did 20 flips in SB last year?  How did you find 20 homeowners to sell their homes at a discount in a seller's market?  Or are you flipping just for the commission from buying/selling, and not actually looking to profit on the flip itself?

 Yes technically also Goleta and Santa Ynez, that's what everyone wants to know. No profit from the flip is the main objective, commissions are just a bonus. We might start getting into flipping apartment complexes since I always have off-market commercial deals I'm trying to broker. I'm having an open house tomorrow in the afternoon in Goleta at one of our flips if you want to stop by just message me for the address and time. If you are interested in commercial I most likely will be getting a pocket listing on a 15 unit apartment in SB on Monday.

Storm,

Thanks for hanging with me - it was fun and enlightening! I'm inspired and impressed with your companies work. I am heading in that direction and it's good to see people whop are actually flipping in my back yard! Laurie

Originally posted by @Alexandra King:

Storm,

Thanks for hanging with me - it was fun and enlightening! I'm inspired and impressed with your companies work. I am heading in that direction and it's good to see people whop are actually flipping in my back yard! Laurie

Thank you, It was wonderful meeting you. Hopefully, we will meet again!