I am completely new to all this so any advice will help!
My husband and I are wanting to flip homes, since he already is self employed and does exterior and interior construction, we figured we could do something more with his experience.
I’ve been doing a lot of research and watching videos on where to start, that’s how I found this app!
My biggest question is where do I start?
I’ve heard of people handing out their business cards and going from there.
People calling around and seeing if the owner wants to sell (we did this twice and they were dead ends).
What do we do after the owner says they do want to sell, what would my next steps be?
Hey Anayanci! See if your local Real Estate Investment firm needs any help with their flips! Adding value for a local investor can be the fastest way to get involved in your first deal. I know in my area we are short in reliable contractors to help with flips. Jobs are backed up by about 2 weeks and with flips, time is money! I hope this helps!
@Anayanci Wesolowski , this depends on what you mean by "wanting to get started with flips". Mot people get started by finding a deal, buying it and starting to renovate.
First flip I bought was through a wholesaler. But in my market, wholesalers don't have any good deals these days since the market is going so crazy. Second deal was a different wholesaler, third and fourth were MLS. Latest flip was MLS.
But to get started, learn the market. You will need to know ARV first, cost of rehab and holding second, and then back into purchase price.
Next, save money. Any decent investment property, and many retail sales, are going all cash or very low LTV these days.
Finally, be patient. I am a part-time flipper so really my projects are stale MLS properties. You can actively look for off market deals by sending mailers, cold calling owners, knocking on doors, etc which might uncover a deal.