I am located in the Fargo, ND and Moorhead, MN area and I am interested in getting in contact with people who have experience flipping houses! Myself and an interested investor friend of mine from the Minneapolis area are eager to find great deals! If anyone has any knowledge or knows of anyone please let me know.
Hey @Adam Runde lots of us here and a real estate meet up group you should check out on meetup or search facebook for it. Good to have you.
@Adam Runde Ask and Ye shall receive....... Ok, now I'm here, what's up? lol.
I gotta warn you Adam, as "the guy" in house flipping for a rather considerable time, I now flip less homes per year than I used to have in the schedule at a time. Back in "the good-ole-days" it was 9 parts flip too 1 part marketing for the buy. It was all about proper project design, efficiency systems, standardization etc etc etc. Now, in the MN market, it's completely flipped to 9 parts marketing for the buy 1 part flip. It's brutal out there to get into a property at a price that affords the spreads required to complete the planned reno AND come out with a profit.
What so many miss when trying to get into flipping is all the contingency planning. I with 20+ years in the trades, a licensed Builder, Master Journey, I never had a project pegged 100% before we got into things, there is always surprises. So with sky high leverage and numbers so tight, all but everything has to go perfect just to make a modest profit. Start opening walls to do kitchen reno "uh-oh" someone spliced 3' of standard electric unto KNOB & TUBE, awesome, there went $5k plus. Start pulling windows to R&R with new and what do we find, 3' of dryrot that some jicky-jack just put vinyl siding to cover up, fantastic that's about $500-$1k PER. There are so many potential unforeseeable in a flip, it is a lot of things and easy is not 1 of them.
I say you wanna get into flipping homes, start by going to a trailer park, talk to the manager/owner to see if they have any run-down units you can buy and rehab, I assure it wont take long to get a giggling "serious, well hell yeah". Start there. Yeah, that's right, I said start with a house on wheels, reason being everything is a lot cheaper so if/when things go south, potential losses are significantly less. If you can pull off a flip on a trailer house, than it may be worth trying the real deal.
OR....... you could get darn good at marketing for direct sellers becoming a marketing whiz until you land one with correct margins on it that afford the correct contingency planning etc., and what your going to find is when you do find that property, your options are to just wholesale it putting up 0 of the work, risk and time, for about the same profit if not more.
It's a very poor market for entry or novice flippers right now, about the worst to be honest.