Starting Full time Flipping

[Byran Parson]

So I'm currently a teacher, 36 years old.  My wife and I are getting to the point where it is financially possible for me to do something else for the rest of my career.  I've been teaching for over 10 years and frankly, I'm ready to move on to something else. 

I have flipped 3 homes in my life, two became good rentals.  

I have 50,000 dollars saved (cash) and also have a paid-off rental property that I can get a HELOC on--about 50k available for borrowing.

Most of my local market (I live in a rural area) are homes between 100k-175k. High end homes are 200-300k. Which means my purchasing price for alot of these middle range homes would be around 30-80k. ARV would be between 100-175k.

If I have 100k available for use (as mentioned above), and I plan to flip 3-4 homes per year, do I have enough money?   (Assuming the average home being flipped, using the numbers I mentioned above.)

My  plan is to do the flipping myself, and hire 1 employee.  I will also use contractors on certain things, but that won't be very often.

Have any of you taken this leap?   What do I need to be thinking about?

[Drew Denham]

I am on the same path... Corporate America is draining (I know you said you are a teacher). Is your primary residence paid off? If not, are you 6 months ahead on your payments? Do you have credit card debt? I would get 6 months ahead on all of your bills before you decide to go full time. Also, I would get the HELOC process going so you can have those funds available at anytime.