I have been on this site for a week and I am hooked !
I currently own my catering business and I’m really not seeing the kind of numbers I though I might see. RE investing (flipping and wholesaling) seems to really pay off if you work hard at it and I also have had a passion for the business for a long time. I want to get started in flipping as soon as possible but would love to get a few words of wisdom from a wise and seasoned veteran in the field.
When I hear people say learn the targeted area and look at 100 houses to get started
Does this mean with a realtor (listed houses) or FSBO (for sale by owner) properties ?
When do you know you are ready to take the next step and make an offer on a property to do a flip?
Thank you very much for anyone who takes the time to respond. By the way I’m in the VT/NH Upper Valley Area.
I don’t flip properties but did want to make a comment.
Knowing an area is a good thing. I don’t know if looking at 100 houses is a good thing though. When we satarted out in real estate, we read library books. After that I started looking at ads in a Homes and Land magazine. Saw a 4 unit property that seemed reasonably priced. We looked at it, ran #'s, made an offer and the rest is history. You can read all the details in my blog below but that was basically what we did.
If you look at properties and the price seems good for the area then look deeper into it. Don’t pass up a good opportunity because you’re not a seasoned investor. This is how you will become seasoned, by doing.
Thanks very much for your response. I’m thrilled to be staring out in such an exciting world of opportunity. I was wondering if you haqd any advice on this … I think very true statement:
“look for a distressed owner…not a distressed house”
How do you feel about this?
