Hello all. New to the forum and soon will be new to flipping.
I just wanted to get feedback from those who have experience flipping preferably in California, Los Angeles and San Bernardino Counties. My father being a contractor and me having years of experience, we will be doing the work ourselves.
It is a bit scary getting into this and have heard mixed reviews about flipping in todays market. I guess what I’m looking for is some advise and tips from seasoned Flippers.
I flipped properties in California for many years having spent most of my adult years living and working there.
Try to stay in decent area’s and in the lower end of the market as the working class of buyer is where any action is taking place.
Do not over or under remodel for the market as the price point determines how you want to finish and to what buyer you are marketing to.
Make sure you buy your first project right, determine a budget with overhead and allow a contingency for unknown repairs.
Be as quick as you can to finish rehab and move to sell. (Time is Money)
When buying a property just make sure if you can’t flip it that you can still rent it and it will cash flow. This way it will take your fear away if you can’t sell it. Personally for me, if I’m getting enough equity in the deal and it doesn’t cash flow i"ll still buy it anyways and auction off the house. In this market I’m buying stuff for 30% of the retail value. Good luck hunting.