Wondering if I'm at least in the right direction

[Mike Frelund]

Hey all I made a real basic outline here as to the steps I need to take in order to flip a property. I'm sure I've left a lot out but am more so wondering if I'm at least in the right direction as far as the order of the steps. I'd love to be able to find someone I could shadow for a bit to be more hands on with the process. But at the same time I still have so much to learn to even make me a new rehabber. I was told in another post to start attending rei meetings which I do plan to do as well, but again I feel I still need to learn more just to be able to have a conversation that's not wasting mine or their time. Anyways this is what I have so far, again, real green, and real basic at the moment. But any and all information good and bad is greatly appreciated. Calculate funds (find partners,loans,rehab budget, timeline etc) Analyze neighborhoods Find property and real estate agent Find contractors (I can do a lot myself but I'm sure I'll run into things I'm unable to do properly)

[JD Martin]

Personally, I find it is helpful if you want to get somewhere to identify what you want to get to, then simply reverse engineer what has to happen.

For example, if you decide "I want to go on vacation", you generally don't just show up at the airport and tell the ticket counter "Fly me to anywhere!" Instead, you consider how much free time and free money you have, where you want to go, determine that you can go there with the resources you have, and work backwards: OK, my final destination is Bermuda, so I need 2 round trip flights. But there's no flights from my airport so I have to catch a connector. I need to get my passport updated. ETC.

Flipping a house is not really any different. If your goal is just to be employed flipping houses, you can start anywhere. But what is your goal? A certain amount of money made every year? Great! Let's start with "I want to make $100,00 annually flipping houses within 5 years". OK. I don't want to move, and I don't want to commute out of state to oversee, so that leaves me with my market. OK, that means in my market, if I can make $50k per flip, I need to do 2 flips per year. But houses in this market sell for $100k, tops, so it's unlikely I can make $50k per flip when low sale prices are $50k. So I need to flip 4 houses in this market, making $25k each. Great! What do I need to flip 4 houses per year? 

ETC.