Advice for starting out

1 Reply

Hey, I was wondering if anyone could help me out a little bit on trying to figure out the best way to use my 70k I will be getting soon, I really want to get into real estate and flipping houses, and owning rentals, my best case scenario is buying and flipping a house and using profit from my flip to purchase a rental and then going back to buy another flip and so on and so forth, however, I only have 70k to start off with, can anyone give me some advice on what I could do? is that enough to start flipping? I was hoping to do this with no loans and to be honest I have not looked much into financing so if that is something I would need maybe some resources for me to look would much appreciated, thank you to anyone able to help me out!

Hi @Zachary Spade ! You can flip or BRRRR easily with $70k. Follow the steps laid out in Jay Scott's book Flipping Houses or David Greene's new book BRRRR (awesome book). If you buy the right deal and are confident in your comps and what the house will refinance for, you can get all your cash back and have a rental that cash flows. You could also try to partner with someone that has done it before, learn the process and provide some capital, share the equity and still come away with cash to reinvest. Focus on education and understanding what you're going to do before just buying the first deal a wholesaler sends you, trusting their comps and rehab estimates and blowing your funds. Educate first and then go in with both eyes open. Oh... but don't let education be your reason for not taking action. Get it done and persevere!