20 years and wanting to invest

[Leif Elek Olson]

I am currently 20 years old living in Memphis TN. Sense I was 14 I’ve wanted to flip houses, I’ve worked in carpentry, painting, I can do minor electrical and plumbing, I’m currently working 2 jobs one in HVAC and one in chimney sweeping and chimney repair. I’m itching to flip my first house however I’m wondering what the best course of action would be. I’m confident in my ability to do a lot of the work on the house If need be however I don’t own all the proper tools to do so and there is stIll a lot of steps that go into flipping I don’t have experience in (I.e. tile, flooring, sheet rock) due to previous jobs I have relationships with a large multitude of contractors, electricians, plumbers, carpenters etc I don’t have a specific house picked out at the moment however I do have several target neighborhoods I’ve been keeping an eye on. I’m looking for some information on what might be the best course of action from this point forward. If I should keep saving till I can fund the entire flip myself, I know banks often don’t lend money for flips, would an investor be in my best interest? Are there other viable options for someone young who isn’t making over 35k a year?

[Johann Jells]

It's fantastic that you're acquiring all those skills!  Just don't get too impatient. Keep in mind that flipping isn't actually investing, it's more like a job, you end up with income (hopefully) but not equity.  At your age I would continue to work and learn, find a flipping mentor and learn the nitty gritty of how it's done, and not just the actual rehab.  You'd have to have a strong personal relationship for someone to trust you with their money to run a job on your own.