Greetings Investors!

[Michael Linquist]

Hey, 

My name is Mike, I live in Tampa Florida. I'm in my mid 20's and work as a Registered nurse full time at Tampa General hospital. I am getting started with rehabbing real estate properties in the next couple of months, and I am going to need a lot of advice. I've never rehabbed a house before nor do I have the cash to do so. So, this is my plan over the next couple of months. Let me know what you think. 

First thing that I already did is network with a local real estate guru. He buys properties from house auction and then sells them to investors to rehab and sell at market value price. So, he makes profit and then investor also makes profit after putting in work for rehab. 

I'm going to purchase a property from him because it is my first and he checks the properties to make sure there is no 2nd mortgage, Hoa, or other hidden cost....or to not buy a house with something like "chinese drywall" and have to gut the whole thing. So, I will purchase from him with hard money loan and then rehab with hard money loan and sell at market value. He gave me an example that went like this: He buys property for 145,000 and then sells to me for 160,000. I put 20,000 of rehab repair in house and according to comps he showed me of surrounding houses. The house I buy should sell for at least 210,000 after rehab. 

Is this a good way to start? I just am kinda scared of losing money on my first rehab, especially because I'm using a hard money loan. Please reply with suggestions to my plan or let me know how you first got started in rehabbing or flipping houses with no previous knowledge? Thanks :)