All Forum Posts by: Rebecca Palermo

Any advice for diving in on a first flip? 

"How do I get money for my next property?" You said you have around 20k saved up already, I feel like this would easily get you another property. You can always find a partner or take out HELOC on your first property to fill in some gaps in funding. This doesn't come without risk, but it depends on what level of risk you are comfortable with.

"Should I purchase another property ASAP or wait a bit and save/build equity more?" I think the biggest trap would be waiting too long, it seems more likely that you would succeed if you keep building on the momentum of your first purchase and move on as soon as you feel able. Again, it comes down to risk tolerance. 

"How do I find a property that is a good deal? Should I send postcards to properties that seem to match my criteria and offer to purchase off market?" If you have time to dig through tax lists and send out mailers that seems to be an extremely effective strategy for finding low-cost deals. I would decide on how much money you want to allocate towards mailing, don't spend everything to find a property and be left with 5k when it comes times to actually buy it! It looks like you have fairly good luck finding deals off the MLS, so maybe connect with your real estate agent and see if they have anything in their funnel worth checking out before starting the mailing process. It can't hurt to ask!

Hey there, if you end up putting together another one I'd love to attend!

I've been mostly focussed on rental properties that don't need a ton of work to turn around and rent out, but recently I've been thinking about flipping houses to bring in enough money to keep pursuing my rental interests. Funding...you know how that goes! Flippers, how do you pick neighborhoods here in Houston? I feel like most houses I see are only listed for maybe 30k under the other houses near them that have already been updated. I've been looking more at North Houston areas, but I think I may need to expand my search. Any advice?