All Forum Posts by: Chelsea Gatewood

@Jennifer Pauyo New agent/ investor from Greensboro, NC 😌

@Robert Williams We all start somewhere! Make a plan and take it one step at a time. Start by saving money if that's possible even if it means working more. Think about what type of property you'd like and talk to a lender about what your financial situation would need to look like to obtain financing for it. Learn all you can while building, that way, you have enough knowledge to take the first step confidently.

Then there's no turning back! Just have to learn along the way 🧠

@Nathan Faucett Thanks for your input! I'm thinking of looking at the market in more specific areas for my own knowledge but then analyzing the city as a whole for the videos. :)

I do think the MLS and house apps give you a market analysis so those will be super helpful as well!

From what I know, the real estate market is trends in a given area.  Whether that be the trends of rising or falling prices, if homes are selling quick or sitting on the market, or how many listings and homes under contract there are. 

As a new agent I know it's important to start building my brand.  I started looking up video ideas and one of them was to make just a short video once a week or a comprehensive one once a month about how the market is moving.  I want to be sure to address the right points in the video and also know what to research on a daily basis to be educated on what's happening in my area. When researching I indent to know the market for the following situations:

If you're buying/ If your selling/ Renting/ Investing 

What other facts or trends should I look for, and what size area is standard.  For example, do I go by neighborhood, zip code, or city?

My location: Greensboro, NC 

@David M. Thanks for the book recommendations, I'll definitely take notes from there as well! It's always good to have multiple exit strategies when doing a live and flip especially since we don't know exactly what market we will be in after a year or so.

One exit strategy I would consider for a live and flip would be keeping it as a long-term rental property.

@Shiloh Lundahl My thoughts as well! My goal is to be an investor-friendly realtor. I'm just researching flips to be more knowledgeable on that type of investment. :)

@Ken Naim That makes sense, thank you!

@Jhanel Wilson Great point! I remember listing to a couple of videos that talked about not over renovating flips and it goes the same for multifamily/ rental units too. That's a great way to lose money!

I've been watching dozens of videos and reading articles on how to flip houses.  From there I'm creating a google docs where I piece together all the points so I have a better understanding of how it all works.  The purpose of the google docs will be to share it with anyone looking for the comprehensive set of information of how to flip a house and for my own personal understanding.  

So far I've taken notes on defining your target market, what questions to answer about that area, the types of flips there are in 3 basic categories, financing options, how to farm for leads, renovations to consider, what type of contractor to look for, how to find them, and how to properly communicate with them.  

This google docs or "help guide" is far from complete.  I'm going to be editing it for at least the rest of this year before I shift my focus onto something else entirely. 

All that being said, what other steps are there in flipping a house that people might overlook?  Is there a standard of what certain renovations would cost or does it vary location to location?  Like is flooring typically  $"X" all the time or does it drastically fluctuate? In general, what else should I include in this guide?

My Location: Greensboro, NC. 

Note: My goal isn't to have a house flipping business.  I'm genuinely interested in the process and would like to help new investors as a real estate agent. I would consider doing a live and flip though!  

@Jesse Rivera

Thank you for the advice, that helps a lot!