Help me

3 Replies

Hi,

My name is Michael and I'm just starting in REI. I want to start flipping houses but I'm scared of the unknown. I've read/ in the process of the books and all but what is my next step to getting started? like how do I find a house and pay for it?

Hi @Michael Oldani . Do you have a job? Savings? Wealthy friends or family?

Do you currently own a home, or would you be purchasing your first property? I did live-in flips, where I bought an ugly-but-habitable property and fixed it up while I lived there. If you live in and own the property for two of the last five years, you can sell it and pay no capital gains taxes on up to $250k profit if you're single or $500k profit if you are married.

Do you have a real estate agent? If not, find one and have them start sending you listings. You can start to get a feel for what properties are selling for in good and not so good condition, so when you find a good deal, you can jump on it.

Mindy Jensen, Real Estate Agent in CO (#FA100049656)

@Michael Oldani fear of the unknown can be the determining fact as to whether or not you actually get started. My suggestion would be to: 1.  NETWORK with other flippers on this platform to help you to gain the confidence and the knowledge that is necessary to be successful. 2. GET YOUR FEET WET IN THE INDUSTRY, by finding a mentor and helping that person in any way that you can to gain the experience you will need. 3. FIND PROPERTY begin searching using Trulia, Realtor.com, find a reputable wholesaler ask to be added to their investor list, find a reputable agent ask them to start sending you property. I hope some of these tips help. 

Melissa Gittens, Real Estate Agent in CT (#REB.0790812)
(203) 400-0918

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