So I sold one of my businesses now I have 100k and I want to flip a house. But I'm scared to death I will pick a house with no money to made at the end. Asking for advice?
Hey Johnathan you want to flip a house with a 100k that's great you're blessed. Do research in your market find a home that you can purchase for maybe 35 to 50k. Put 30k for Renovations and try to sell it 100k. If all else fails you can rent it out for however rents are going in your market. Buy a few books from here listen to a few podcasts before making any decisions good luck on your endeavors
@Jonathan Simmons you could jump right in OR you could find someone in your market doing what you want to do and apprentice on their project to see where all the land mines can be lurking. You’ll learn how to choose and manage contractors and so much more. You can probably find someone like this on BP. A great way to build experience before you put your money on the line.
@Jonathan Simmons you need to educate yourself fully on the process and your market.
Make sure to find an experienced realtor to help you and a general contractor that works with investors. This will fast track your learning curve and keep you from making mistakes trying to do these things yourself.
You could also partner with another experienced investor and learn from them or hire a coach to help you.
@Dante Foreman thank you
@Melanie Johnston thank you
@Greg Dickerson thank you
@Lance Alotti thank you