Wanting to flip houses!

20 Replies

Hey guys! I’m new to bigger pockets and am super motivated to start my journey with investing and flipping houses! I’m realize it’s a timely process on gaining the knowledge to becoming successful. What gets me excited about this line of work is the rehabbing side of it. I love that kind of work! I discovered I’m good at it after purchasing my house a little under a year ago, fixing it up, and adding lots of property value to it! To begin the learning process, I’m starting with acquiring my real estate license and reading tons of literature on house flipping. Does anyone have any useful resources they could refer me too that are for beginners?

Hey Chelsea,

One mistake that I made when I started investing in real estate was I jumped straight to it! I didn't spend the necessary time to learn as much as I could. If I were you, I would make it a goal to learn as much as possible over the next 30 days. To do this effectively create KPIS (key performance indicators) and track your progress! After you have achieved your learning goals, get started!

Ex KPIS for Month of July:

Read 4 Real estate books-(a great place to find good books is during the Famous Four, at the end of every bigger pockets podcast)

Listen to 18 Bigger Pockets Podcasts

Analyze 10 deals a week

Attend 4 bigger pockets webinars

Talk to 1 BP member over the phone a week



Originally posted by @Donado Manuel :
The link to your books doesn’t appear to work...
Originally posted by @J Scott:
Read the forums, read the blog, watch the old webinars (Tarl Yarber and I have several on flipping), and if you want to pick up a couple books, here are mine (that BP publishes):

www.biggerpockets.com/flipping..

Sorry, fixed in the original post!


 

 

@Jake Celler wow! Thank you so much for all the useful advice!! I’m so excited to get started! I just ordered a couple of J Scott’s books that I’m itching to read! And hopefully will be getting started with the real estate agent pre licensing courses within the next month :)

hi @ Chelsea Barton

some good advice here.   If you have not tuned in yet, the BP rental rookie podcast may have value for you. Hosts are not rookies but they focus on offering listeners data from other new(er) investors- sometimes very sage advice from very new investors. Also, to get practiced and feeling fluid at the task, try to evaluate at least one deal a day to get the mental process down. Are you looking in your desired market daily?  Give a shout if you need any specific information. Best of luck.

Originally posted by @Chelsea Barton :

Hey guys! I’m new to bigger pockets and am super motivated to start my journey with investing and flipping houses! I’m realize it’s a timely process on gaining the knowledge to becoming successful. What gets me excited about this line of work is the rehabbing side of it. I love that kind of work! I discovered I’m good at it after purchasing my house a little under a year ago, fixing it up, and adding lots of property value to it! To begin the learning process, I’m starting with acquiring my real estate license and reading tons of literature on house flipping. Does anyone have any useful resources they could refer me too that are for beginners?

Once you finish educating yourself on the market and the business and are ready to take action make sure to hire a professional contractor and or contractors to do the work for you. You will learn a ton from the pros and save yourself a lot of time, energy, money etc. Doing renovations yourself for a flip is very different than your own home. Time is your enemy in a flip and outsourcing is the key to scaling the business. Now if you're just looking for a hobby or a job then doing it yourself may be for you but not if you are trying to build a business and grow as an investor.

 

I think the Bigger Pockets podcast is the best way to get your head in the game. Hearing the experts talk real estate with each other is a great way to get lots of different points of views and pick up the lingo and concepts. Getting to your local REIAs is also important so you can start to build connections with investors in your market. 

@Chelsea Barton

Congratulations on your real estate journey.  Having a passion for some thing is one of the key ingredients to success. Glad to hear you love the remodeling aspect. Best of luck in all your endeavors.    


@Chelsea Barton so excited for you !

I am in the same boat . Just graduated college last year and currently doing plenty of research into flipping houses and potentially getting into the investing side of things. Finishing up my real estate course just to have the knowledge. & Were working with my father (he’s a contractor) to buy our first house to flip. I know you’re a ways away but always helps to have a help line to others doing the same thing ! I would love to hear about your plan to jump in!

Alex Staats

@Chelsea Barton

Please be careful.

Most realtors are not investors and their ideas on profitable deals may not be good for you. Have to learn 5o analyze within your own metrics.

Make sure to get to know lots of other investors at your local REI meetings. Even as long as we have been contractors, they have been invaluable to us on finding better suppliers, lending sources, and subs.