paying all bills with first flip

[Cory Schmidt]

so I have a few bills that I need to get paid off my wife suggests we work until they r paid off (i am a union carpenter and she is a rn) which could b yrs. I think we should do a fix and flip and use that money to get those bills paid off and then if its enough money use it to refinance my house and put money down so that our monthly mortgage is lower which would make living a lot more comfortable and pave a good path for me to start my real estate investing venture does anyone have any suggestions on how to start with less risk so my wife can b more comfortable or where to start I've been reading a lot online especially BP !!! And I've been looking at houses on zillow and realtor and the mls and seeing some deals that seem OK but nothing that jumps out at me.

Am I doing the right things ?

Should I be looking elsewhere ?

Should I start out by doing a marketing campaign ?

I invite all to give input

GhNks

[Jon Holdman]

An emergency fund is an outstanding thing. It can be the difference between keeping your house or losing it if you hit a problem in life. You don't want to do anything with that money. Just keep it in cash in the bank.

The key to "building wealth" (i.e., saving money) is to spend less than you make. A lot is written about paying off debt. And getting out of debt should be everyone's goal, IMHO. Someday I'll get there myself, sigh! But getting out of debt will happen all by itself it you can simply spend less than you make. As long as you have a good emergency fund (six months expenses), you can put that excess to paying down the debt. Or building up an investment fund, though most advisors would tell you to pay off the debt first then start saving.

I'm not trying to dissuade you from fix and flipping. I am trying to show you a different picture than those silly TV shows. Its a tough business and its easy to make mistakes and lose money.

Check out @J Scott's book: The Book On Flipping Houses