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Updated over 5 years ago on . Most recent reply

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I want to flip houses!

Shirendy Edouard
Posted

I just turned 22. I would like to flip a house next year or learn more than what I know now. What should I read? What should I watch? Is this possible to do?

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James Mc Ree
  • Rental Property Investor
  • Malvern, PA
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James Mc Ree
  • Rental Property Investor
  • Malvern, PA
Replied

Reading BP and the recommended books here is a wonderful, easy start.  Look for local real estate meetups in which you can network with other investors.

Assess your skills.  What skills do you have or can reasonably acquire to move you towards your goals?  Some relevant skills include any of the trades to do hands-on rehab work, finance and real estate marketing.  Working in the trades can give you very relevant flipping experience as you will be able to professionally do that trade's work in your properties instead of hiring it out.

You will need a way to pay for the original property and fund improvements.  Think about how you are going to pay for that.  An obvious choice is savings that is totally within your control, subject to your income and expenses.  Partnering with other investors can be a path forward if you have resources that benefit the partnership.  Beyond that, prospects start to dwindle.  Seller financing is a possibility for some properties.  Raising funds from investors is a possibility, but much more difficult for someone with no experience.

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