First time flip!! Need advice

[Scott McCutcheon]

Hey everyone this is my first time on this app, and i am foregoing the process of getting my first home with the help of my father to fix and flip! I am 18 years old and live in the Los Angeles area, my father is a contractor and we want to partner up to do our first flip! I am in the process of getting my real estate license and we just got approved to get a loan for our first investment property to do while we stay living in our current home. We need help/advice with pointers on what to do on our first flip to make a profit and learn the ropes of real estate investing! Also open to working with someone on this site to do some investment properties! I am very motivated and know I can make it in this field, please get back to me thank you all so much!!

[Mindy Jensen]

@Scott McCutcheon, Get The Book on Flipping Houses by J. Scott. Having your dad as a contractor is going to be a HUGE help.

Even so, it's going to take you twice as long as you think, so budget extra time for holding costs. It's also going to cost more. Drywall isn't see-through, and there is always something unexpected after you open up a wall.

Don't force the numbers, also called eraser math. Not every house is a good candidate for flipping. If your numbers say you need to pay $250,000, then don't pay $275,000. You make your money when you buy.

Don't overimprove the property. Not every neighborhood supports granite countertops or natural stone tile floors. 

Don't underimprove to save a buck. If the neighborhood DOES support granite counters and natural stone tile, don't go the slightly less expensive route. Your home will sit on the market getting stale while others with the expected finishes sell.

Stick to your budget as much as you can. If you budget for $4/sq ft tile, don't fall in love with the $10/sq ft stuff. This isn't your house, so it doesn't matter if YOU like it.