All Forum Posts by: Meghan Carson

Hey Dana, it’s awesome to hear that you’re getting back into flipping! It sounds like you've been through a lot, but the fact that you’re jumping back in with a solid, realistic mindset is huge. The lessons you learned the hard way in 2008 will be invaluable now, and it’s great that you’re aiming to stay small-scale and within your comfort zone of Sacramento, which gives you an advantage of knowledge in that market.

Given your experience, I'd say start by focusing on three key areas to build confidence and minimize risks:

1. Budget Control: Over-renovating was one of the big mistakes you mentioned. To avoid that, set a firm, realistic budget from the beginning and make sure you stick to it. Look for properties where you can add value with smart, targeted renovations rather than going overboard.
2. Financing Strategy: Since you're aware of the leverage risks, keep your financing options flexible and conservative. Consider starting with a few lower-cost flips with a smaller loan-to-value ratio to reduce financial strain.
3. Market Research: Sacramento can be volatile, so I’d recommend keeping a pulse on local trends—particularly in the neighborhoods that have potential for growth but haven’t quite hit their peak yet. Areas with good rental demand or up-and-coming properties could give you more predictable returns.

Do you already have a type of property in mind—like single-family homes, or are you considering duplexes, condos, or other types of flips? Have you considered Turn Key? 

Hi @Augusta Owens,

Welcome to BP! 

Thank you for your service. The commitment you've made means so much and is so appreciated. 

You have already made the first important step, connecting with investors here on Bigger Pockets. Now, it's time to explore your investment strategy. 

We are local to Dallas and would love to see you come in and gather more information on Turn Key. 

Best of luck to you! 

Hi Phillip! 

In my personal opinion, Texas. (DFW to be specific) 

Why? 

- Taxes may be on the higher side, but its going right back into the city. Which means, better schools, better roads/highways, parks etc. Hence appreciates faster. Not to mention the population growth, low vacancy rates and rising rental income. 

I think looking into the Texas market would benefit you! 

Hi Bryce! 

Welcome! 

I agree with alot of these responses. 

Here are a few good questions to ask yourself:

Are you wanting to manage yourself? 
What type of returns are you expecting? 
How many doors are you looking for? 
What price points are you wanting to stay within? And so on.

Memphis, TN and Little Rock, AR are amazing markets for first time investors. There is growth in both of these markets, with major companies in each it causes a higher demand for rentals. 

If I can assist you in anyway, please let me know!