New to the flipping house industry..need advice

[Myisha Williams]

Hello,

I am a licensed Real Estate Agent in Maryland and I have decided I want to move over to flipping homes. My husband and I would like to start doing this but we do not know how to get the start up money to purchase our first property. 

does any have any suggestions for the best options?

How is the best way to find great properties to flip?

what is the first things you should do once you find that first property to flip?

Thanks in advance for all your advice. 

[Will Barnard]

Start up money - You can negotiate seller financing, purchase sub2, raise private money funds, hard money is also an option but expensive and without any of your own capital and experience, very difficult to get 100% funding.

Finding deals - MLS is one option, though competitive, you must make lots of offers and negotiate the right deal. Knowing what to offer on and how to negotiate with a seller that is more motivated is key. Direct marketing is your best option to find a good deal.

Once you find that deal (and you should have already lined up money), you want to start the rehab process immediately, time is your enemy and cuts into profits.

Education is paramount and you must know how to evaluate rehab costs and properly calculate the ARV (exit value).