Stressed out …New to this

[Christie Hewitt]

Brought up by a father who owned his own construction business my entire life, I know the trade well. I've been in corporate by entire career. Now that I'm divorced I get to do what I want which is flipping houses and I'm trying to leave the corporate world and do this full-time. I've looked into tax foreclosure, mortgage foreclosure (sheriff sales) and buying properties that are listed on MLS to flip. It seems that someone else got to it before I did or it's overpriced, and I can't make a profit if I flip it. my goal of flipping 3-10 this year is dwindling and I don't know how to find the "off market" properties being a small fish in a big pond. Is there hope for anything with meat on the bones right now? Should I throw in the towel after one successful flip and stick to my day job?

[Tim Ryan]

Turns out flipping homes is not easy.  You will need to "make your money on the buy" as they say. Meaning you have to buy it right (low) as most flippers can fix it up and hire an agent to sell it.  You may want to learn some strategies on marketing to off-market owners. Mailers (yes in the mail with a stamp) still works).  I got a deal from a letter campaign recently.  I'd try this before hanging it up.  Flipping is a job by the way. I know you know this. You said your leave the corporate world for it.  Another way is to keep the corporate for a while and get into rental properties.  I love rentals. I get paid every month, the tenants are paying off my mortgages, and my properties are appreciating.  Don't quit your day job just yet. You'll find the grass is not necessarily that much greener on the other side.