All Forum Posts by: Shawn Parsh

Karalyn,

  You have been given some great advice. I would read through each of the responses and pull out what makes sense in your situation. I may have missed it above, but I would add look into properties that you can lease option. I have had success finding properties listed for sale, listed for rent, or not listed at all that I have been able to negotiate a lease option with little to no money down. If the property is in rough enough shape the current owner will have limited options and therefore may be willing to lease the property. If you explain that you will be putting thousands of dollars into the rehab the current owner has little risk. 

As stated above, there is a lot involved with flipping houses so make sure you do your homework. Getting control of the property is just the first step. Make sure you lock in the right price. Your profit will be greatly influenced by buying the right property for the right amount. Don't get scared away from flipping if that is what you want to do, you can make a lot of money by doing so. Good luck.

Jesse,

I agree with Dave M. and his comments about hiring people that have their own business and insurance. I very rarely will use a general contractor for any of my projects. From my experience I save a ton of money finding my own trades people and have better end results when they are working directly with me.

I agree with Bruce that GC can often get better prices than an individual, however, if you are doing multiple deals you will be able to get great prices as well. I work with the same people enough on multiple projects that I can complete a project much cheaper than the GC bids I receive. Those I work with also make my projects a priority which is something good GC bring to the table as well. For example, an electrician might  have 6 months of work lined up, but they will drop what they are doing for a GC they work for to complete a project. Well as you establish a relationship with the electrician he will likely do the same thing for you as the investor. I know they do for me. Good luck.

Gabrielle, I see you have already received some solid advice, but I will add a couple thoughts. As others have said you will likely need more money down until you establish a track record of success. If you are not already active in a local real estate investing club I would look to join one. You may have a better chance finding a partner for the first couple deals by working with someone that is local and knows your market. 

You can also look for properties that the current owner may consider a lease option. I have had luck with properties that are in rough shape that the current owner is having a hard time selling. You can also look for properties not on the market that appear to be empty that need rehab and then contact the owner to see about the lease option. In any case, ensure that whatever property you end up with that you keep detailed records and before and after photos. Once you get a deal or two under your belt you will have photos and numbers to show that you are successful to future potential lenders. Good luck. 

Andrew,

Welcome to the site. I would continue to learn as much as you can, ask questions, and set a deadline that you will obtain your next investment. I live and invest in Tennessee. Let me know if I can be of any help.

Armando,

Welcome to the site and congratulations on your decision to become a real estate investor. I would stay engaged on BP and ask as many questions as you need. There are numerous investors on BP that live or invest in Florida so hopefully they reach out to you. If you have any general real estate investing questions let me know if I can help. 

Jackie,

Congratulations on the completed rehab. I love to see out dated and distressed properties rehabbed into great places. Now you can find the next deal.

Matthew,

Congratulations on your decision to become an investor. I would challenge you to set a goal of when you will buy your first investment property and then work to make it happen. Keep us up to date on your first project. Let me know if I can be of any help.

Bill,

Welcome to BP. Keep us up to date on your latest projects. 

Christopher,

I would suggest that you start learning as much as you can about real estate investing now. I would find a local real estate investing club in your area and start attending their meetings. Ask a lot of questions of other real estate investors, ensure they actually invest in real estate and are not one of the many people who "plan" on being an investor. I would speak with realtors, and local banks to better understand the business. Ask questions here on BP because there a lot of people on this site that are more than willing to help a new investor without having something they are trying to sell you. Good luck. 

Mat,

Welcome to the site. I'm sure you will gain some valuable information from the folks on BP.