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Mentor
Don’t attempt that; the days of flipping are long over. You’ll get destroyed in fees and closing costs unless you’re doing high dollar renovations in up markets
STR are really struggling, and will be legislated out of many areas
Subject Expert
Most flippers lose money on their first flip.
Also, most flippers never flip more than 2 houses.
The flip will be made or broken on buying the right property at the right price, having the right contractors available who are priced well and complete the job on or ahead of schedule, and a little bit of luck of the market staying flat or going up. If you don’t have a good way to secure properties below market value, or you don’t have the right contractors already lined up, or you don’t know how to manage a large scale rehab project to keep it on time and under budget, you’re pretty much doomed to fail.
Does it sound complicated and hard? Good, it should. The “flippers” you see on TV are often the elite 1%’ers.
Now is not the time to start flipping.
Side note - flips are categorized as “inventory” by the government, and profits are taxed at your ordinary income rates. Making $50k to $75k in a “perfect” scenario sounds amazing until you realize you owe 24% to 40% to the government the following April 15th.
Coach
Yeah don’t do this. Materials still rough. Labor still tight. High interest rates. Large competitive base and high supply. Skid-dish buyers.
Buying and flipping homes is incredibly tough. Want to get out of the rat race ? Imagine the stress of sitting on a house with all your cash not selling.
I’d rather get into new construction development versus flipping - flipping is so risky.
I’d say get on Facebook into real estate investing groups for your city and inquire that way. A lot of builders in my city partner with private investors because it’s easier than going to the banks and getting financing. Just really need to partner with somebody that has a decent opportunity.
Or just Google real estate crowdfunding and just start search different platforms that you can invest on. They have all the info you need
Midwest or the south is where it’s at I hear. Location is key.
DFW is expensive. It’s new money and already saturated. I have heard Arkansas, pockets of Tennessee, Alabama, and other similar states are good.
The only way I see it is the way you’re doing it now. Buy a fixer and live in it. Slowly fix it up, don’t be pressured do to do all at once. Be ok with living amongst constant work, dust, cleaning and putting money into it. Don’t do anything crazy, curb appeal and exterior fixes, systems important. Make sure you get permits. This is the only way to compete with developers who only buy properties they can only see a profit in a short flip time period. Then think of your house as long term investment. Keep your job, you must find a way. Take a vacation.
Instead of fixing and flipping, OP—a market that I’ve never been in, by choice—have you considered buying a building as a cash-flowing asset? Whether apartments or straight-up commercial. That depends on the location and the property class.
Only flippers who are making money are the shady instagram course selling leaches.
You need your own crew that you tightly oversee in order to get reasonable construction rates. You don't get that immediately, unless you join in with someone that has it.
So the economics won't work unless you do the renovations yourself. Do you know how to redo a kitchen?