The Cheapest way to start House-Flipping
I was broke, fresh out of college and found bigger pockets after deciding if I need to pay back student loans, or invest in real estate.
I started to look for immediate cashflow so after reading the Ultimate Guide to Real Estate Investing - Bigger Pockets Edition, I picked wholesaling.
Rookie Mistake.
So, to hurry up, 3 YEARS later I am an accountant and work at a real estate company in Hampton Roads, Virginia.
Here is my new mindset looking back:
1. Get a high paying job, and keep applying to higher paying positions. - you're really after cash.
2. Study your favorite method (mine is Vacation Properties) and dont worry about anything else.
3. Get an LLC AND business License and bank account and learn to work with an accountant (my bias is justified).
4. Start RENOVATING your own apartment or home, and save money for losing your security deposit because you're not getting it back.
5. Write down a step by step guide for yourself* on how to secure your first deal.
Starting at point #4, this is the highest return on investment you can ever get just starting out. By hiring contractors, understanding costs for renovations and After Repair Value (ARV) you will begin to understand the true costs associated with earning a living and how long these things will take. You can use your knowledge AND enjoy a newly renovated living space.
The Gurus are just selling you basic information that you can learn more quickly by doing it yourself.
A DIY project is the #1 way to gain experience and benefit from keeping your money and improvements.
Im about to earn my first deal, which will be an AirB&B at my apartment, AND buying a Live in Duplex Flip and househack at the same time.
Good luck.