Flipping Newbie

[Avi Cohen]

Hello all,

I have been doing real estate for the last 10 months and have two rental properties.

I am about to close on my first foreclosure and plan on rehabbing and flipping.

Are there any basics that I should know about flipping as well as basic first-timer mistakes that I can avoid? I can give information upon request so you can understand my request better if necessary.

I am working with a contractor I have already used on previous jobs and trust. He is getting his pay as 15% of the profit on sale so he gets paid when we do, so he's motivated to do the job well and on-time and within budget. The larger the margin the larger his profit.

Thanks so much in advance!