fix and Flip

[Marcus Stokes]

Hello! I'm new to house flipping and feeling a bit apprehensive about moving forward with my first deal. Do any of you have some advice for this initial flip? Any tips or insights would be greatly appreciated!

[Erik Estrada]

Quote from @Marcus Stokes:

Hello! I'm new to house flipping and feeling a bit apprehensive about moving forward with my first deal. Do any of you have some advice for this initial flip? Any tips or insights would be greatly appreciated!

 I think the uneasiness comes from not having enough reserves/ funds for downpayment and closing. It also could come from not having an experienced partner to help mitigate risk. 

I had the same uneasy feeling thinking about ditching my W2 job to pursue a career in real estate, when the market turned for the worst. I made sure to have at least a year cushion before fully committing to it. Towards the end of the year I was down to my last couple of grand until I had finally seen the results of my prospecting throughout the year. That 1 deal, had pretty much paid for my salary for that year. 

If it wasn't for me having enough savings, I don't think I would be where I am at today. If experience is your concern, you can easily partner up with another experienced investor in your area to help balance the risk out.