Melbourne, FL · Member since 2020 · 6 posts · 3 votes
Hello, this is my first post on BP. I am 23 years old and would like to learn how to flip houses. I was wondering if I could get advice on where to start and what I can do.
(Currently stationed in Germany until 2021, originally from FL. I would like to flip houses in Tampa)
Hello, this is my first post on BP. I am 23 years old and would like to learn how to flip houses. I was wondering if I could get advice on where to start and what I can do.
(Currently stationed in Germany until 2021, originally from FL. I would like to flip houses in Tampa)
The best thing to do is study the market and the business of flipping. You can connect with some realtors in Tampa that work with investors as well as contractors to drill down on the hot areas, best price point for flipping and compiling a database of renovation costs. The biggest of the these is knowing your market. You need to become an expert on values and what will sell where.
Hello, this is my first post on BP. I am 23 years old and would like to learn how to flip houses. I was wondering if I could get advice on where to start and what I can do.
(Currently stationed in Germany until 2021, originally from FL. I would like to flip houses in Tampa)
The best thing to do is study the market and the business of flipping. You can connect with some realtors in Tampa that work with investors as well as contractors to drill down on the hot areas, best price point for flipping and compiling a database of renovation costs. The biggest of the these is knowing your market. You need to become an expert on values and what will sell where.
Melbourne, FL · Member since 2020 · 6 posts · 3 votes
6y
@Greg Dickerson
Thank you for your advice Greg. How do I find realtors in Tampa since I don’t currently live there. Is it better to wait until I move back to the United States or is there a way I can gather this information while overseas?
Thank you for your advice Greg. How do I find realtors in Tampa since I don’t currently live there. Is it better to wait until I move back to the United States or is there a way I can gather this information while overseas?
You can find them by searching properties on Zillow and Realtor.com
You can reach out while your overseas if you are back in the states soon. Otherwise its best to wait until you're getting ready to relocate.
Rental Property Investor · Maryville, TN · Member since 2009 · 529 posts · 414 votes
6y
I would suggest these while you wait to return, in no particular order:
Understand the r.e. cycle and the business/credit cycle, so it is not working against you.
Start learning about macro economics and never stop, so you can diversify all your future profits.
Hone in on your target market and start to learn what constitutes "value" in that market. Review new listings, figure out desirable neighborhoods etc, etc, basically be the expert in your neighborhood so you know a good value when you see it.
Expect to do all the work yourself, besides the obvious, (electrical), not to save money but to learn.
Tap into existing local resources(others on this site, etc) and ask for contacts(team members) to start building your network.
Don't loose money!(obvious) but that means buying deep value and understanding rehab costs, plus profit and buffer.
NEVER pay for mentorship, you don't need it! You can get plenty of support here and anyone who has actually "made it" in
Real Estate Syndicator · Phoenix, AZ · Member since 2018 · 903 posts · 1k+ votes
6y
@Michel Mirto Considering finding other military members on BiggerPockets as well as Facebook Groups. Many have invested while stationed overseas and could assist. Create alerts in BiggerPockets such as "military" "tdy" "wholesale" etc to be notified when ever anyone mentions those words. This way you will get to the meat and potatoes faster for subjects you care to learn about. Find a Wholesaler on BP for example doing it in Florida and follow everything they do.
Use Biggerpockets to find other resources as well, there are plenty of realtors on here across the United States. We found property managers, realtors and lenders on BP. DM and I can recommend some FB groups as well that would be beneficial as a military/veteran myself. Honing down on niches and specific resources will greatly speed up your attainment of goals.
Realtor · Tampa Bay · Member since 2019 · 68 posts · 35 votes
6y
Hey Michel,
I think the best thing for you do now is evaluate deals. Watch other flippers, follow what they bought and sold their flips for, how long it took them, and maybe even reach out to them. I think if you track that you will find some target neighborhoods. The second most important thing is compiling your workforce. Since you are from here, having people able to stop by the property from time to time is nice. Finding a contractor that does quality of work you want is probably the most crucial. These are all possible to do from out of state, but you may want to wait to pull the trigger until you are closer by.
Thank you for your advice Greg. How do I find realtors in Tampa since I don’t currently live there. Is it better to wait until I move back to the United States or is there a way I can gather this information while overseas?
You can find them by searching properties on Zillow and Realtor.com
You can reach out while your overseas if you are back in the states soon. Otherwise its best to wait until you're getting ready to relocate.
To find a great realtor I would do a search here on BP. Nothing is better than having a realtor that is also an investor and understands the in's and out's of investing. You can find great realtors as said on Zillow and realtor.com, but remember a lot of these realtors are retail realtors and not investors. They will not be used to finding the type of properties you are looking for. You need a realtor that works with wholesalers and is connected with distressed properties. Best of luck!
Melbourne, FL · Member since 2020 · 6 posts · 3 votes
6y
@Will G.
Thank you for this advice. It does make sense like you are saying. If someone who is successful in real estate wouldn’t need to charge for mentor ship. I’ve just made a profile today and I’ve gotten a lot of help. Far more than I actually expected. Thank you
Melbourne, FL · Member since 2020 · 6 posts · 3 votes
6y
@Adam Poshka
The reason I wanted to do Tampa was because my family is there and like you said they could check up on things for me. What clicked a few days ago was that my brother is a manager at a roofing company, my father is a contract, and my friends father owns aghast Realty over on Madeira beach. So I thought I have some good resources. I was just not sure where to go first and what to do
Melbourne, FL · Member since 2020 · 6 posts · 3 votes
6y
@Michael Balcom
Thank you for your advice. I’m glad you brought up some good points. I am unfamiliar with what a whole seller is so I’m going to have to continue my research and learn all the moving parts
Thank you for your advice. I’m glad you brought up some good points. I am unfamiliar with what a whole seller is so I’m going to have to continue my research and learn all the moving parts
Hey, Michel, a wholesaler is basically a realtor for off-market properties. A lot of times they put bandit signs around saying "We will buy your house quick for cash" or they do mailers and things like that. They find properties that the seller is willing to sell very cheaply, then they put a bit of a fee on top try to find a buyer. You will be buying a property, hopefully, cheaper than market value. If you go this route just be careful. There are amazing wholesalers out there trying to create win-win situations for everyone and then there are the other ones.
Orange County, CA · Member since 2020 · 42 posts · 24 votes
6y
@Michel Mirto All of these suggestions are great except for the ones telling you to wait. There will never be a perfect time. I wholesale virtually and invest locally; have a close contact that is an active investor in the Tampa market. Please send me a message to connect and we'll see how I could help you out.
Raleigh, NC · Member since 2017 · 347 posts · 94 votes
6y
since you're in the military, look at what you can do with VA money. It might be more Buy/rehab/sell than flip (think difference in time to completion). Also, if you plan on doing to work yourself, see if you can learn in germany... from the people i've worked with, they have excellent trade-men)