Jacqueline Smith knew that she didn’t want to have a big loan on her first house. The way she solved the problem: buy a foreclosed home and do a live in flip! It worked out so well, that she later decided to do it again, on her second home. Her and her husband then had the idea to go at it full time.
Even during COVID-19, Jacqueline and her husband have 4 flips in the making, and are looking to add more when deals pop up. She’s been through a lot in her short flipping career, from a tornado coming through a house she was working on, to builder tools being stolen while they were housed on site. This only made Jacqueline find better and more efficient ways to do her flipping.
Many of the deals Jacqueline has worked on have come from realtors and investors she’s met through organizations like BiggerPockets and her local REIA. She strongly urges any new investor to join their local real estate groups, talk to investors, and present deals to other experienced professionals when they have the ability to.
Jacqueline’s husband now is able to work on their flips as his primary business, plus get paid for the labor! Even in a crazy year like 2020, Jacqueline and her team have decided to go bigger, when many other investors were holding back.
In This Episode We Cover:
- How to find foreclosed homes that are perfect for flips
- The importance of building equity in order to fund your future deals
- How to stop “analysis paralysis” from creeping in
- Why you should attend meetups and networking events
- How to introduce yourself to other real estate professionals, whether you’re at a meetup or just getting coffee
- What to look for in a partner, especially if you’re new to flipping
- Whether or not to put in an “escalation clause” when submitting an offer
- Why you should always have security cameras on site
- And SO much more!
Links from the Show
Check the full show notes here: https://www.biggerpockets.com/rookie43
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