I want to flip houses!

4 Replies

Reading BP and the recommended books here is a wonderful, easy start. Look for local real estate meetups in which you can network with other investors.

Assess your skills.  What skills do you have or can reasonably acquire to move you towards your goals?  Some relevant skills include any of the trades to do hands-on rehab work, finance and real estate marketing.  Working in the trades can give you very relevant flipping experience as you will be able to professionally do that trade's work in your properties instead of hiring it out.

You will need a way to pay for the original property and fund improvements.  Think about how you are going to pay for that.  An obvious choice is savings that is totally within your control, subject to your income and expenses.  Partnering with other investors can be a path forward if you have resources that benefit the partnership.  Beyond that, prospects start to dwindle.  Seller financing is a possibility for some properties.  Raising funds from investors is a possibility, but much more difficult for someone with no experience.

Everything @James Mc Ree said is perfect! One thing I would add is if you have a w-2 day job, DON'T QUIT TOO SOON! I made that mistake and it held me back for years. 

@Shirendy Edouard

If you can find what you would be able to offer someone who currently flips properties, they might let you help on their project. You wouldn't make much $, but you can get some good experience and insights on how to do your own project, or maybe you learn that it really isn't something you want to do, in which case you aren't stuck with an expensive, half complete project.

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