REI Question for beginner

[Donald Kimball]

Okay, So before I head into REI I am working with a family member who owns apartments. I am going to help work on what needs to be fixed. It is a great start for me to gain some knowledge.

I do have a couple questions- Like I said I am new LOL.  When I plan to invest, I am going to buy fix and flip.

With that being said, what is a good amount to save up before purchasing a first home?

What is the most crucial thing to know about this business?

I do want to join this business because it is a great money maker if done right and because this is very interesting to me! Don't be afraid to be blunt and tell me things that I NEED to know!

[Account Closed]

As an amateur Investor, you should have a minimum of $10,000-$15,000 to start transactions. Yes, it can be done with $0 but the skill set requirement is higher. 

So to answer your question.. It depends on your skill set (credit score, etc.) 

The most critical thing to know is that you can eliminate risks by having property sold before you buy it. The greatest risk of losing money occurs from holding costs which can be very substantial. The only way I have ever found to eliminate this risk is to have the property pre-sold. 

Barry