First flip with lower income.

[Blake Huseman]

Hello all! I am looking to do my first flip and was looking for advice on how to do it with lower amounts of income. Any advice on that, and first time home flips in general, would be greatly appreciated! Thank you! Blake.

[Brian Adzadi]

@Blake Huseman

I have never done any flips but I have colleagues who have. There has been one rule of thumb that I have heard about flips which I have found to be true through my colleagues, it states "Be prepared to pay double for the renovation and take twice as long than you expected". If you have a background in construction or any form of building know-how then that will help, if you don't then have that rule of thumb in mind. 

To lessen the blow on your pocket, I would personally pursue properties with mostly cosmetic damage. If you see a roof in need of replacing, mold, rusting HVAC, cracked foundations (you can tell by cracks along the door frame), watermarks along ceilings and walls, etc. Run for the hills, that house is going to cause a lot of problems for you. 

However, if you have good construction background, go for it, it will only strengthen your skills.