Need help to start flipping

[Blake Powell]

Hello everyone, my name is Blake and I have begun to dive head first in trying to educate myself. I am from indiana and I am currently taking a few months to learn and plan my goals for investing. I am wanting to eventually get to the point where I can. Quit my current job and just invest. I picture having rentals to keep a steady cash flow and flip houses. I am good with working on houses. I am picturing buying houses and fixing them up myself as I enjoy that part a lot while collecting rent from other properties. 

So my questions are, if I do all the repairs myself do i need to have general contractor license or anything along those lines to do so?

Any suggestions on how I should setup my buisness to get started?

If I were to buy a property to rent before my buisness is formed would it be easily transfered to my buisness down the road?

Thanks for all your help!

[James Dishongh]

Hi Blake, welcome to BP. 

There are a plenty of folks here who are willing to help and offer advice. Take a look at the Education tools including the videos and podcasts. They're a good place to start. I recommend you spend some time browsing/reading/following the forums. There's soooo much knowledge here. 

To directly answer your questions: 1) No, you probably don't need a gc license if you're just doing general repairs on a single property you own because that single property is treated like your home -- so feel free to repair walls, carpets, paints, swap some plumbing, etc. If you're doing something major like moving walls, adding a deck, or doing extensive electrical, I'd get a permit and ask for help from a licensed, experienced contractor. 

2) Look in the Education section for business plans. 

3) I'm not sure about the transfer piece but I bet you can find your answer in the forums. I tell you, I've learned a TON from just reading the forums. I don't even need to ask/post questions -- I've learned a TON. Try searching for "property transfer" or "starting my LLC" or something like that.

I really recommend the BP podcasts as well. They're a good starting point. 

I wish you luck in starting your business (I'm doing the same) and don't hesitate to reach out. I'll help when I can.