Turning Principles of “The Flipping Blueprint” into Action

[Nina Granberry]

Hi Everyone

I just finished reading “The Flipping Blueprint” by Luke Weber and am more motivated than ever before to start my real estate investment journey. As a high school math teacher of 12 years and having to switch to working remotely abruptly, I feel that now is when I can invest the appropriate amount of time into starting off right.

I am looking for advice on how to actually begin. Although I live in Brooklyn, NY, I feel more comfortable looking for deals in Kansas City, MO and the surrounding area since that’s where I’m from, my cousin will be my contractor, I feel the deals will be more reasonably priced and I just feel that I’ll have more success finding the other pieces of putting a team together.

Has anyone else read the book? If so, how did you start? Any tips you can give me or if you would like to create a team together, I appreciate your input! Thanks.

[Greg Dickerson]

Originally posted by @Nina Granberry:

Hi Everyone

I just finished reading “The Flipping Blueprint” by Luke Weber and am more motivated than ever before to start my real estate investment journey. As a high school math teacher of 12 years and having to switch to working remotely abruptly, I feel that now is when I can invest the appropriate amount of time into starting off right.

I am looking for advice on how to actually begin. Although I live in Brooklyn, NY, I feel more comfortable looking for deals in Kansas City, MO and the surrounding area since that’s where I’m from, my cousin will be my contractor, I feel the deals will be more reasonably priced and I just feel that I’ll have more success finding the other pieces of putting a team together.

Has anyone else read the book? If so, how did you start? Any tips you can give me or if you would like to create a team together, I appreciate your input! Thanks.

I would not advise trying to flip out of your area until you have serious experience but since you have family in the area that hopefully you can trust you may be ok assuming your cousin knows what he or she is doing. 

The way to get started is to educate yourself on the business, the market and the costs associated with the business at all levels from marketing, acquisition, closing, rehab, carrying costs, closing etc. Make sure your cousin is experienced and qualified. Not just "I can do it" but "its' what I do" there's a huge difference between the two and the former using does not end well.

Al that being said the single most important element is to know the market intimately. You really need to drill down on the values and inventory levels so you know e=where the demand island what the right price is to pay.