Newbie starting out....

7 Replies

First of all I'd like to say hello to everyone & I look forward to all of your advice. I am a 23 year old in Sacramento, CA looking to start flipping properties. I am trying to start off young before I have a family, so that I can retire early. I just started reading forums trying to learn from other peoples mistakes, & I was wondering, what advice would you guys have for me starting off? I have a steady job, & all of my debt is just about paid off. Any advice would be GREATLY appreciated. Thanks!!

Originally posted by "Jason21":
First of all I'd like to say hello to everyone & I look forward to all of your advice. I am a 23 year old in Sacramento, CA looking to start flipping properties. I am trying to start off young before I have a family, so that I can retire early. I just started reading forums trying to learn from other peoples mistakes, & I was wondering, what advice would you guys have for me starting off? I have a steady job, & all of my debt is just about paid off. Any advice would be GREATLY appreciated. Thanks!!

First of do realize there is a Risk with Flipping while lots of money can be made it can also be lost as if you buy the home and the market slows you may be stuck with it... so one thing i would suggest is make sure the home your are trying to flip is one you could live in if you had to.

I like your style! I'm all about us young guys making it happen early! Its great you're out of debt and ready to make things happen! I'd just set up some sort of strategy for yourself. If you do your homework, you can minimize your risk. I'm no master flipper, but I am learning every day. Anyway, I just wanted to say hello! :rock:

Seems like you're on your way. Most young people can't say they're out of debt. Good work.

Jason,

Like bigdave says, flipping properties has its risks but it can also have big rewards. I have flipped acouple of properties but you have to be careful because once you fix it up and the property doesn't sell your stuck paying the mortgage each month.

Thats why I have been purchasing properties and then renting it out for a profit. This way I have options, I could sell it down the road or just keep renting it out and generating a profit each month.

Marc
Purchasing without competition
www.greenfieldent.com

There is a lot to it. You have to decide what you can do on your own, and what you will sub out. Drive your neighborhood or one that you like, just not mine. I also live and work in Sacramento, the Antelope and Citrus Heights area. GIve me a call or shoot me an email. I will let you buy me lucnh and tell you everything I know. I have been doing this for about a year and a half now. Just finished my first major project. 60K in costs. But not bad, profit wise, my private investor and I made about 60K combined after taxes.

Gary Meek
(916) 723-4252
[email protected]

Lived in Sacramento for 8 years now. I haved taken advantage of the equity boost in the South Area. Crazy when I first moved to Sacramento to attent Sacramento State a 5/4 home was only 250K, today 600 K +. Interest rates where frikin crazy than but geez would of been nice to cash out today if I owed. Anyways I will bye you a coffee and frikin muffin we can sit down pre-qual you up and see why you dont own before you end up in Oak Park (not a nice neighborhood) living in a condo in two years paying 300K for a 1/1. Contact me today or email me your contact information.

No thanks, I am a Mortgage Broker and Realtor. But give me a call if you need a better split and still want some info on what to look for and access to some real leads. I am sitting on three fixers right now. All in escrow with some money to be made. Le tme know if you are interested.

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