Updated over 9 years ago on . Most recent reply
First-time Flipping Question/ Need Guidance
My goal is to use my own cash to flip three homes in one year, each profiting at least $25,000. It seems pre-foreclosures/foreclosures are the way to go, but going about finding and buying them seems intimidating and confusing. I have no experience in real estate whatsoever, but I have a good chunk of cash coming my way. Is this goal realistic? What's the best starting point, and can anyone tell me on average about how much cash it will realistically require per house to make this happen?
Most Popular Reply
Hi Jonathan
The first question you need to ask yourself is why are you going to fix and flip homes. Are you going to do this full time or part time.
You can definitely hit that target, but you need to listen to BP podcasts and pick up the resources here pertaining to fix and flips. With this strategy, you will be buying, fixing, selling and raising money. A lot of moving parts for someone new to the business.
Learn as much about the business as possible and then jump in
Good Luck
Gino