I got my first Fix and Flip!!!

[Nathaniel Hovsepian]

The home has asbestos and major termite damage, now that I have removed the old sheetrock. The roof looks to be sagging in and is not up to code as far as the joists go.

I am excited to learn, and have already learned a lot, and take some hard knocks on this one. 

I have quit my job to do this full time so need to really get the ball rolling on it and make this work. I hope that I can turn a profit, but am investing in my future almost more.

[Ben Raygor]

And don't forget to budget for the tax hit when you have positive net income from your flip (after all expenses including mileage). Self-employment income from flipping will be taxed at the ordinary Federal rate plus the state rate plus the 15.3% FICA rate generally. 

You do not want to be surprised by and unable to pay taxes simply because you are always rolling the profits into the next flip deal.