I'm look to flip long distance!

I'm look to flip long distance!

New to Real Estate · Columbia, SC · Member since 2020 · 97 posts · 65 votes

Hey Everyone,

I need all the experienced flippers who have every flipped a house virtually or long distance front and center! I came up with the idea this morning that I wanted to venture into other markets to fix and flip and partner with active flippers in those markets to build up my cash to invest with other strategies that I am interested in. I want to get insight from people who have actually done this successfully. Here are a few conversation starters:

1. Did you build out a team to do the flip virtually or did you partner with someone in the market who had everything else in place, but you brought them some form of value?

2. If you built out a team, how did you find the players for your team and how did the qualification process go?

3. If you partnered with someone in the local market, how did you find them and how did you know they would be a good fit? (Did you base this off their goals or who they were as a person?)

4. What processes did you put in place to open lines of communication, get updates on what's going on, make sure that your interest in the deal was protected, and that the process went smoothly from start to finish?

5. What challenges or struggles did you face by not being local?

6. What did you include in your operating agreement with the partner?

7. What criteria/I will only do this deal if...did you create along the way?

Any other advice would be greatly appreciated.


Thanks in advance!

Mashika
  

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Investor · Los Angeles, CA · Member since 2021 · 4 posts · 4 votes
5y

Good morning Mashika, I am based in CA and am flipping in TX, because it is less capital intensive. 

I believe it is possible. The largest challenges to me were investing in a market I don’t know, but I think that is where building out your team is of the utmost importance, particularly a contractor you trust and a strong real estate agent. 

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  • Gillette, WY · Member since 2017 · 149 posts · 68 votes
    5y

    @Eric James I’m not the only one who noticed that trend? 🤣

  • Gillette, WY · Member since 2017 · 149 posts · 68 votes
    5y

    @Mashika Johnson hello Mashona! I am very new on my investing path but am trying to do something very similar! (I will be long term holding, more BRRRR then just flipping) As I do not have experience in what you need, maybe I can help with encouragement.

    I’m sure you have noticed two very clear sides in this forum thread.

    1. “You can’t do it/don’t do it” AND

    2. “I’m doing that exact thing right now and killing it!”

    Your attitude is awesome, and I can tell just by that YOU WILL DO THIS! Leave the can’t type people to their can’t ways of thinking! 😁

  • New to Real Estate · Columbia, SC · Member since 2020 · 97 posts · 65 votes
    5y

    @Corey Frank hey Corey! So cool! What made you decide to BRRRR long distance?

    And lol I love that! I've been involved in these forums and enough Facebook groups for real estate to the know the difference between the real uber successful people and the average successful people. The difference: the level of risk one is willing to take sprinkled with a bit of creativity and possibility!

    Thanks for the encouragement! I can't wait to see your success along your journey! ❤😊

  • Real Estate Agent · Norfolk, VA · Member since 2021 · 3 posts · 2 votes
    5y

    @Mashika Johnson Hey, I'm a licensed agent and an investor in Virginia (Hampton Roads, Norfolk, VA Beach.) I would say it's definitely possible to flip houses virtually, but you would definitely have to have a team down in the ground and be willing to travel to the location sometimes just to make sure construction and everything is going properly.

    Make sure you trust the people you have on the ground and make sure they are knowledgeable of the market and the neighborhoods you are investing your time and money into.

  • Realtor · Lone Tree, CO · Member since 2020 · 21 posts · 19 votes
    5y

    Don't mean to derail the conversation, but was wondering other than building the great team in the off location, do any of you investing long distance utilize any specific tools that would make the experience as close to local flipping as possible? @Mashika Johnson I believe in you girl!

  • New to Real Estate · Columbia, SC · Member since 2020 · 97 posts · 65 votes
    5y

    @Kathryn Curry-Robinson thank you for the feedback love! Yes I'm going to be planning trips here and there for all of the markets I would be investing in. Before the trip, I can do some research on the market to see who are the must have people on my team as far as contractors, real estate agents, attorneys, etc. That way I can set up meet and greets ahead of time.

  • New to Real Estate · Columbia, SC · Member since 2020 · 97 posts · 65 votes
    5y

    @Katarzyna Lach thanks love! Awesome question by the way. I thinking zoom, slack or discord, any deal analyzing tools, and MLS access if you could get it.

  • Gillette, WY · Member since 2017 · 149 posts · 68 votes
    5y

    @Mashika Johnson Truly spoken words! What made me want to go the brrr route is my market has horrible price/rent ratios. I also want to be able to pull money out of my projects to compound the amount of properties I acquire quickly. =)

  • New to Real Estate · Columbia, SC · Member since 2020 · 97 posts · 65 votes
    5y

    @Corey Frank Awesome and way to pivot. Can I recommend that you should also look into short term rentals in your local market, low cost to entry options (ex. Mobile homes), and also creative financing deals.

    It doesn't have to make sense to everyone else! As long as it makes senses to you, that's all that matters. Go kill it man! 💪🏽

  • Gillette, WY · Member since 2017 · 149 posts · 68 votes
    5y

    @Mashika Johnson I will look into that, Thanks! And exactly!! 😁

  • Member since 2020 · 15 posts · 4 votes
    5y

    @Melchire St.ville I’m interested in your thoughts on this as well...please shoot me a message if you have a moment!

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