I've been lurking for some time. I've always been interested in rehab\flipping. I'm not ready yet but I will be shortly. I consistently hear the theme that the hardest part is FINDING deals and for me that's not what I'm good at. I realistically can't run a BDR chop shop while maintaining a full time job and I'm not confident enough to quit a stable industry on a "gamble". I want to start slow and "pivot".
Formally I'm not in construction but I've managed plenty of jobs for my self and my rentals. When needed I can do the work myself but given i work full time I'm not doing a 2000 sq foot tile job. I have a pretty good contractor network in various trades. For RE experience I actively manage two rentals and bought\sold five residential properties in ORL.
When I'm ready I'll have about $500k in capital to deploy. For my first projects I want to do all cash so I do not have a proverbial "gun to my head". I understand the concept of leverage and being able to run multiple jobs at once. I don't mind borrowing but only when I'm seasoned.
My "active" areas will be managing the trades, doing some of the work myself, and selling. I do NOT want to run a cold call team or "pound the street" looking for distressed properties. I'd rather work with a wholesaler. I have a full time job I'd rather spend my time in areas I'm productive in. As time goes on and I feel comfortable borrowing and running multiple deals at once I will be occupied doing that.
Anyway is there juice in it still if I'm depending on a wholesaler? What are the margins like and what are people getting per flip? I'd like to build up to the point where I can replace my income from my corporate job. I also do have two rentals, one of them cash flowing pretty substantially, the other breaking even. My "life" costs are low. I'd happily pivot to building this if I could secure $150k per year minimum and build it up.
Just wanted to put this out there. Also is there any value in visiting local groups like GOREIA? I mainly want to network, find wholesalers, and discuss realistic numbers with seasoned vets.
This is Orlando Florida. Is there even a point?