[Graduating High School] I would like to flip a house this summer before college.

[Jeffrey Lester]

Hello, fellow BiggerPocketers! I've been listening to the podcast for the last couple months and I finally decided to join this awesome community and create my first post.

As the heading suggests, I am graduating high school. I am graduating in 7 days, as a matter of fact. I have been accepted to the University of Montana with some decent scholarship money (yay), and I plan on studying Computer Science.

However, as we all know, college is outrageously expensive. That's why I thought to myself, "I should totally flip a house this summer before I head off to school". I've been working at my local country club as a bag boy during the summer since my freshman year, and, although it is a great summer job, I only make about $3,000 per summer. I would definitely rather use my time trying to flip a house, because I would (a) hopefully make more money than my summer job and (b) it would be excellent experience.

So, I have a list of questions for you investors out there:

1. How should I go about this? Essentially, I have three months until I leave for college. I have about $3,500 saved up, and no one currently willing to say, "hey Jeff, here's $100,000 for that house you've been wanting to buy". I've been reading some of the popular posts on BP about getting started in flipping, but I can't really find any posts that are tailored to young, 18-year-old high schoolers that many people are bound to not take seriously.
2. What would be the best way to find a house? I have ruled out direct marketing. My goal is to buy one house, fix it up, and flip it. I feel like DM would be an expensive time-waster for my current goals.
3. What would be the best way for me to obtain the necessary funding? I could try for a bank loan, but my parents would need to cosign, and (1) they wouldn't even consider doing that for their 18-year-old son and (2) I'd rather keep immediate family out of the equation.
4. I guess this is the most important question... Should I actually try to flip a house? Given my time constraint, age, and standing in life, I'm slightly worried that this may be a horrendous idea for me right now, and if you think it is, I'd like to hear it!

I'm trying to learn about house flipping as rapidly as possible, as I do not feel I have adequate knowledge right now in house flipping to be comfortable carrying out this type of project. So, I'm hoping to give myself 3-4 weeks of learning and researching before I begin the real process of flipping a house. I have made some good connections at my country club over the last few years, and I plan to talk to a person that owns a contracting business here in my hometown and also a very successful apartment complex owner about my idea.

I really appreciate any tips/comments/advice that you are willing to give me. I've got my fingers crossed for a very good summer!

Regards,

Jeff

[Annette Torsarkissian]

Hey Jeffrey,
Congrats on your scholarship and acceptance! Well I am a young person that dove into real estate right after high school eager to make money. From experience my first deal was a wholesale deal to a cash buyer. in other words found a great deal put it under contract and found a cash buyer and assigned the contract. Has the lowest amount of risk and great way to get an idea of how it works. Made $1,500 in less than 30 days. Was a hectic 30 days trying to learn all the ropes but it can be done.
I read Larry Goins Ultimate Buying and Selling program which helped me a lot.
Taking your time and seeking advice is really important as well!
Good Luck!