Trying My Hand At House Flipping

[Terrill Clark]

Hello Everyone,

I'm looking to get started in home flipping & I'm looking for advice from those who do it regularly, and those who have done them in the past. I'm working a ton right now so I can save enough to fund my first flip. Just like most people, I'd need a loan of some sort, but I'm curious to know what you pros think is a "good" amount of my own cash to put into this first flip. I know rehabs aren't cheap, but I've read posts about people doing it with little to no money of their own. 

This would also be my first home purchase, so worst case scenario, I wouldn't mind having to live at the home I do this on. I have gotten advice from tons of people saying I should put a 20% down payment on a home, but to be able to do that AND afford a $30,000-$90,000 rehab sounds unrealistic. I'm also wondering if trying to rehab/renovate a townhouse or condo is "worth it" I cant imagine the return being as large as a house, but I'd imagine there is some sort of profit someone out there makes doing them.

Any input is MUCH APPRECIATED!

[J Scott]

www.biggerpockets.com/flippingbook