just starting out need honest advice

[Dylan Falso]

Hi guys I am 23 years old from CT, Im currently working full time as a bank of America security supervisor while holding my real estate license on the side. I have decided to save 80% of all of my commissions to be able to save up to invest in RE. Ideally I want to start out with a single family flip, and plan to use a hard money lender (unless someone has better advice). What I want to get out of this post is advice or even suggestions for goals to get to that first flip. What I mean by that is how liquid I should get first before going after my first flip. for those of you who may not be sure on the CT market, I will probab;ly have to spend between 90-130k for my first flip not counting renovation cost. Please any and all advice is much appreciated guys!

[Joe Hughis]

@Dylan Falso  - That's a bit hard to answer.  The reason being, good deals don't stay on the market very long and being able to act fast can be paramount.  Moreover, good deals come can come in different sales prices.  

I think looking at your goal first and working backwards would provide you with a better feel of how much you should have available to spend.  Think about what type of property you are looking to buy and in what location you plan on buying. From there you should be able to get a good feel of the range properties are selling for.  Then I would suggest adding a buffer of 10-20%, in case costs or an opportunity presents itself.  

Last, if you are new to real estate investing, I suggest buying what you are comfortable with and not biting off too much too fast.  Give yourself plenty of financial wiggle room in your first few transactions from a cost and hold standpoint.  

Cheers!