All Forum Posts by: Kris Ontiveros

Itiel, How many doors in these apartments? How many units do you need to put in a machine, in your opinion? 

Did you place the vending machine? 

Since I'm assuming you know how to find a good deal, the next step is to find out how to remodel. First of all, you need to see a LOT of real estate. Have an agent take you to see remodeled homes in the neighborhoods you want to flip, see what people are doing. Then, go into remodeled homes in neighborhoods in the price bracket above those, and see what they are doing. I like to do a few extras that you won't see with the competition. 

Next you need to research prices in your market, find out rules of thumb on costs, like how much to tile, drywall, paint, etc. Contact contractors and find out what things cost. Find a house going through a remodel and speak with the owner/contractor. Costs are usually pretty similar job by job.  For inspiration download the HOUZZ app, it's got millions of pics just search what you need.

Good luck.

There are benefits of doing everything yourself on the first couple flips. 1. You find out how much things cost so contractors can't fool you. 2. You find out what you hate to do and outsource that first!

Great job getting started Peter. I would highly suggest leveraging other people to get the job done faster. Your holding costs are not very high, but the longer you own a property the more risk you have. Markets can change over 4-6 months, especially in seasonal areas. But the biggest cost you will face is OPPORTUNITY COST. How many times can you turn that 300k? If you turn it once, you can make 30k. What if you turned it 4 times, or more?? This business works, keep a detailed timeline and try to stick to it. Congrats and good luck.