Preparing for first flip

[Linda Bennett]

I'm relocating to Jacksonville FL in June and I'll be working as a real estate agent. My husband and I want to start investing in real estate and flipping houses. Any tips on funding the first flip to get started, what expenses to go light on and what to put money into, and what type of single family properties to start flipping? This is a longtime dream for both of us to finally get into and we're excited and want to get off on the right foot and really be successful.

[Caleb Jordan]

Originally posted by @Linda Bennett:

I'm relocating to Jacksonville FL in June and I'll be working as a real estate agent. My husband and I want to start investing in real estate and flipping houses. Any tips on funding the first flip to get started, what expenses to go light on and what to put money into, and what type of single family properties to start flipping? This is a longtime dream for both of us to finally get into and we're excited and want to get off on the right foot and really be 

Many people use hard money lenders for thier first few deals because they lend you money to buy and fix up property. But research hardmomey and conventional loans if you are not buying cash. Call some lenders and see what types of loans you can get from them. 

Figure out a market and price point. Example do you want to focus on 3 bed 2 bath that sell for 100k after fixed up in south part of town or  5 bed 3 bath that sell for 500k in west part of town. Then study that market. Usually smaller home are best for your first flip 

Your market will help determine what to spend money on. Usually new flippers over spend on making things to high end. Get with local investors, they can help you with that.