So Overwhelming for a Newbie....

[Brian Stone]

I am such a newb. I understand that I need to purchase a property and to flip it is to buy at a certain price, rehab it, and then sell it at a higher price to make a profit. Wholesaling seems like a good idea, but being a middle man, I don't know anyone, no investors, no buyers, sellers, etc.

If you flip a house, don't you have to pay major taxes on your profits? Should I hire an attorney? I really want to get into this stuff but I feel so overwhelmed, I almost feel like I need someone to hold my hand through my first one.

I have no money at the time to even put down on a property. But then, if I buy a property, and there are no renters for a couple months, I end up eating a couple month's of the mortgage/rent that a renter would normally pay. How do you guys do it???

I'm not gonna cry about it I promise, but man it's frustratingly overwhelming lol

[Rob Brewer]

Hey Brian! Welcome to BP!

I know just how you feel. I'm a newb too....haven't done my first deal yet. There is so much info for real estate investing including these forums that you should read. I recommend attending a local REI club meeting and just start talking to people. I found a local investor that is successful to take me under his wing. Take them to lunch and just talk with them.

In my opinion a mentor will be my best resource to start my investing career.