Just getting started in flipping. Any important pieces of advice?

[Garett Bridwell]

Ive recently made the decision of getting into flipping. What are the biggest pieces of advice regarding being new in this business. I dont know exactly where to start....

[Mike Cumbie]

Networking is huge. My piece of advice would be "Have outs"

Outs are important. Don't let your pride stop you from taking a good out by hanging on for one with less chance of success. Example you buy a house for 15K, it needs 50K to be a 100K house. Nice you have a flip option. If some one offers you 30K for it before driving a nail or dropping a dumpster, don't be afraid to take it and make a quick 15K. If you finish it and it is not selling, renting is an option, stop the holding fees and get the thing rented.  If you are halfway done and some guy walks up and you get to chatting and he offers to "take it from here for his daughter" and the numbers work, I like that out. 

I see people dig their heals in all the time and end up tripping over dollars to save pennies. Hanging onto a property because they "know it's worth $5K more". Sure 6 months later and $7500 later they get their $5K. No emotional attachment, try and time your outs.

Good Luck!