All Forum Posts by: Valerie Hiscoe

I'm curious about where you got the advice to "look at" 100 properties because, maybe in the context, it doesn't mean to physically look at. If you do want to get an idea of price ranges within certain areas, you could use realtor.com or trulia.com and do drive-bys. If you want to "look at" properties from an investment perspective, you could start by using the calculators in the 'tools' tab here in Bigger Pockets.

Have you done the

www.biggerpockets.com/starthere by the way?

Hi Davin

One thing you'll learn by studying interior design is that you can make a big impact with a lot less money.  It's the creativity with which you use your materials, not the cost of the materials that matter.  Even if you leave the design choices to someone else, you'll benefit from a common understanding and vocabulary. 

I think I'll follow this thread just to see how you answer J Scott's questions.

I'm curious to find out if your uncle will even come back to the table too.

I can't decide whether you sound excited or desperate but whichever it is, it doesn't sound like you have quite enough knowledge to proceed so don't jump into anything too fast.  Make sure you go to www.biggerpockets.com/starthere

(You might need to type that link out)

Welcome to BP!  Have fun!

I can't help you with advice on where to look but with my limited experience I CAN say - Don't buy a flip that you can't drive to at least a couple of times a week. Whoever it is that's telling you "they'll look after it" - well they won't. And they'll think you're a fool and they'll take advantage of your goodwill and lack of knowledge. A good contractor likes to work with a 'boss' who knows what they're doing and is close when last minute changes and decisions need to be made. 

You will hate learning this from your mistakes - learn it from mine instead.  Please.

Glad to know things are going well.  Keep us updated - I'm curious what made you decide to add on - that can be a big endeavor - and always look forward to budget saving revelations!!  Also, didn't realize it before but you're in Missouri City - right where my brother lives.  Small world. Maybe you should put me on your buyers list - I'll be selling my place in Phoenix Aug -Sept and start looking for a fix and flip I can move to.

Anyways, can hardly wait until you're done to hear your stories. Take care

@Scott Brier sorry it took me so long to respond. You asked about investing in US markets and I had to think about my response a bit.  Your name has popped up on other postings I've read so I can see you're seriously looking for options.  There are a few major drawbacks that I see to investing in the US; the most obvious one being the exchange rate if you don't already have money over the border. That being said though, if you have the initial investment, there are definitely more areas for percentage returns because of the amount of highly populated areas. You are also going to be looking at the restrictions of high priced non-resident investment loans. I would highly recommend AGAINST long distance flipping as my experience has taught me all too well that you need to be there. Second only to the challenges of that disaster, property managers are the next nightmare.  I'm on the brink of firing my fourth one.

So where do you go from there?? - well, it's a bit of a drive (but just to Vancouver) but I would go to an REAG meeting. It is an amazing group.  It's not free (although the first meeting is) but included in the membership are classes, seminars,  weekly updates, conventions, books,....more things than I can mention. I get info from REIN but the prices they charge compared to what you can get at REAG - hands down, I choose the latter.  They'll give you so much info and so many ideas on when, where, why, how and with whom to invest that you'll be delighted to stay for that after meeting drink to network with all the potential partners you'll meet there.

That is the best and most fun advice I can give you of a general nature. For specifics, you'll want to go to the experts there.

@Tyron McDaniel Hi there!  How's you flip doing?  Let me guess -you're too busy to read this right!! I hope it's going as well as can be and, if anything, your only delays are coming from timing and not from problems.  It's a huge endeavour and I wish you well.  Bfn

Some of the vinyl that is now being put on the market is fabulous in both appearance and wearability - but if they don't have that quality where you're shopping, look for what's most resilient. I've had quite good luck with some high quality laminate from the clearance pile so I think that if you know where you'll be shopping, you know how much you need, and you know the look you're going for; just choose the best of what they've got.  In order to do that, you might want to go to a full service floor supplier to educate yourself on what qualifies as quality (being at the mercy of a salesperson is not a position you want to be in) and make absolutely sure that you have a handle on the install.  As with anything, your foundation and the care with which you put it together will for a large part determine the results that you get.  As they say, even if you only have a $5 tree, dig it a $20 hole and the very least you'll end up with is a $15 tree.  So, stay flexible, educate yourself on what to look for, don't scrimp on your prep, and just cross your fingers that lady luck will put you in the right place at the right time. Happy hunting!!

@Chris M said it all. And realtors talk to each other and they only get paid if they can make a deal so they're highly motivated to use their network. As well, before a listing is put into MLS they will offer it to their office and the qualified buyers they're dealing with. If you're interested in flipping you're best to have a realtor with investment experience rather than just home buyer. Good luck.