Anyone flip to "get their feet wet?"

[Andrew S.]

I posted in the newbie forum a month ago, have been reading and reading and doing what I can in my limited spare time. I had posted that I wanted to invest in large multi-units and have someone manage them. But I read in something somewhere on this site (Lord knows if I can't find it...) that you should do what you enjoy doing. I do think I have a knack for seeing things that are undervalued. I sometimes have the ability to "see past the chaff." I won't go into detail here, but I've done OK on some personal purchases that others let slip by. So flipping seems appealing to me on many levels. Has anyone used flipping as a way to build up cash quickly to use for other investments? I don't believe all the TV shows and wouldn't do it to sustain my lifestyle. I'm merely thinking of an avenue to make money so I don't burn my capital and also to learn my local market and sharpen negotiating skills. An informal meeting I had with a young aggressive realtor in town (who has a sterling reputation and comes highly recommended by many) told me that flipping is very hard, and that the money is in buying a $70,000 to $100,000 house, sprucing it up, and doing a "rent to own" or purchase option deal since folks are having trouble getting financing right now. I know this is a nebulous question, but any advice is appreciated. I imagine a lot of people think flipping is fun and easy; I'm not naive, I think I might have a knack for it. And I have experience in what things cost to be repaired or built and friends in the construction business who will give me honest numbers.