Need guidance, help, on the basics, flipping, rentals

3 Replies

Hi all, so I am very new to ALL OF THIS. I've had interest in buying, flipping and selling. As well as I'm pursuing it. I feel like I don't even know what I'm talking about, my lingo is off and I've been reading so much my mind is mashed potatoes.

I feel like I need someone to tell me EXACTLY where to start, where to look, what to do. I can't even begin to state my question because I am just starting and confused I just know this is what I want to do.

So yes, I am interested in flipping as well as renting out. I just don't know where to start exactly.......

Thanks x

I would start with a rental property that will cash-flow that way you can learn a little bit and also it helps get over the fear of investing. With flipping you have to be a little more careful because if you don't know how much repairs are needed or if you don't sell for what you thought you would sell for then it can be a costly mistake. With rental properties you get to learn about the costs of repairs and what you can handle on your own to save money you just have to make sure that you factor in vacancy rate in your area plus maintenance costs and your mortgage payments including taxes and insurance are less than your rents will be.If your are really unsure then  I would also make sure you have at least 6 months of the mortgage payments in the bank for the rental property before you invested in anything . Good luck

@Tyana Everett you're very welcome. Have fun with it and even though I just recently found this website I have to say  there is definitely some good information on some of these forums. 

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