Want to do first flip in North Carolina (Greater Charlotte area)

[Jason Gallimore]

My wife and I just moved to the Charlotte, North Carolina area.  I am originally from here, but have been gone the past 15 years.  I was an active duty Air Force officer, then have worked in commercial construction as a Senior Project Manager and Director of Operations for the past few years.  My wife also is a professional in the corporate world as a Laboratory IT manager.  We are heavily feeling the itch to work towards breaking from the corporate world and begin a journey into real estate investing.  Right now, I am really focused on just finding our first flip.  I am also considering getting my NC real estate license (I may sign up for a course starting in a few weeks).  I feel we have a strong background in project management and business management, but we feel pretty naked when it comes to the best way to finance our first flip when not doing it with pure cash and also in finding the right people to do the renovations (both of us work 50+ hours a week currently).  In regards to finance, we own a home in Colorado where we could probably get a Line of Equity loan for $25K or so, and I know there are hard money options, but to be honest I'm not quite sure what is best.  Our credit is decent (High 600's) and we both have solid jobs with good monthly income.  Any recommendations?  Also, in regards to finding people or companies to do the renovations, any tips on how to search for contractors and what to look for or look out for?  I am unsure if I should go direct to subcontractors, or hire a general contractor then have them sub out the work.  I bought the ultimate house flipping guide and am about halfway through, but any recommendations on how to get this ship out of the dock would be greatly appreciated!  Thanks -Jason and Tehane

[Scott Patterson]

1.  Don't get into a flip over an itch.

2. You are not ready to do a flip.  This is a serious business, you can get hurt and will get hurt if you if you aren't ready.  

3. Reading one guide or book isn't enough, neither is only one source or method of information.

4. 25k is nothing, and you shouldn't plan on using that and only use it for your emergency fund.

5.  if you only have 25k in equity or ability to get from a property in Colorado and are planning on staying in NC, you should seriously consider selling it, particularly if it was a primary residence. 

6. Getting financing and hiring contractors is the last research part of the puzzle, finding and evaluating the deals is what makes the business and should be your primary focus

7.  You guys are working too much to smoothly transition to re full time, someone needs to pull back to tackle re.

8.  take the realtor classes, they won't hurt and you can decide later if you want a license which i think is a good idea but some have differing opinions.

9.  go to meetings