I want to know what are all the main steps 1-2-3 that need to be done to get my first deal and flip it. I just want to know the layout in steps.
I want to get things done in steps. Can someone please help me?
I would say step 1 is to buy or borrow The Book on Flipping Houses by J. Scott.
That being said, do you have a plan lined out and a team set up? That would be crucial to getting a deal done. You can't flip a house if you don't have a contractor, financing and exit strategies in place. I encourage you to listen to some of the podcasts listed with the "flipping houses" section in the UBG. There is no magic formula to flip a house but a strong foundation of education and networking go a long way to making things more secure and less risky.
Being a newbie myself, take everything I have said with a grain of salt but this is what I have gathered so far in reading forum posts and listening to podcasts. I am still in the education phase and it sounds like that might be a good start for you, too. Good luck!
Thank you, Zach! I'm learning by listening to BG videos and other videos I ran across online. But nobody is saying pacifically what to do first to get a deal. For example:
2. Find your niche and strategy
3.Create a plan
4. Create a team
5. Find Money
6. Find my first property
7-8-9-10 I'm stuck whats next? Do I analyze the deal, then buy it.
I just want to know after 1-6 is done, what else needs to be done to buy, fix, and flip or hold the deal? This is the part I'm not getting any answers on.
Here’s the 1-2-3 steps
Step 1: buy house
Step 2: fix up property
Step 3: sell for more than 1 & 2 cost
Deal analysis should probably be a big part of finding the property. If it meets your criteria for a profitable flip then buy it! If not, keep looking for another deal. A big reason you haven't gotten the answers you are looking for is because this isn't a step by step process. You probably want to be looking for financing or a partner as you are analyzing and looking for a deal. You want to be talking to your contractor before the property closes, maybe having him/her do a walkthrough with you on one of the showings. There is a lot to organize and you have be able to multitask to get it done in the amount of time you have set forth. Again, I am just learning too and this is what I have picked up on the way. Sorry it couldn't be more direct like you are looking for. Also check out this video series on getting to that first purchase.
@Olivia Darling #5 and #6 were the hard parts. You found money and the property? The rest is pretty easy. Just connect with someone local and experienced. If you have the deal and the money, I can't imagine you have too many problems.
If #5 and #6 are not done, then what's really the first thing to figure out. The rest of the stuff is going to be property and financing dependent.
Ok, just so I'm completely clear to move forward in starting.
To get my first deal including closing on the deal is simple: Learn, network, analyze deals, find a partner, find money for down payment, create a team for rehabbing the property, the closed on the deal and prepare the process of fixing up the property to rent it out?