All Forum Posts by: Jonathan Chan

So what was the lesson?  Based on what you wrote here, I think the lesson should have been to not chase a specific number of properties, rather chase a specific number of dollars.

Question for experienced flippers: Where do you find your deals?

I'm a new flipper based in San Diego, CA. I started last year and have completed three successful projects with 30% returns before tax within 3-6 months. I'm motivated to go all-in on flipping and currently source all my deals from the MLS and Zillow, focusing on properties in the $1.5M - $2M range. However, after a couple of months of searching, I haven't found anything promising recently. This makes me wonder—where do you find your best deals?

I've heard some people rely heavily on the MLS, while others use wholesalers, pocket listings, etc. What's been your experience with these different channels? Does the effectiveness of each vary by location? Any insights specific to California or San Diego?

I was told that if you purchase a property using a conventional loan (mortgage in your name), that within a month or so after you purchase the property, you can use a Quick Claim Deed or Warranty Deed to transfer the name on the Deed of the property to your LLC. My main reason for wanting to do this is for liability purposes. Any advice on the steps to do this is appreciated. Also, the costs involved. Thanks in advance.

@Shayan Sameer, we use the 70% rule to decide if we’re going to spend the time to fully underwrite the property. If it’s at or near 70% we dig into the full cost model that accounts for financing costs (hard money and GAP), acquisition costs, holding costs and selling costs. For lower value flips, 200 - 300k, we stick to that range as the projected profits doesn’t have much room for an inevitable rehab oh-$hit. On higher value we are willing to stretch if need be as there’s more room to cover unknown issues.