Should I go into house flipping without experience?

[Galit Garsiel]

I own an apartment and want to sell it, buy a house in need of repairs, and sell it. I don't have experience, but can pay for a good real estate investment advisor.

Should I go into house flipping even though I don't have experience?

[Scott E.]

If you want to get into house flipping, you have to start somewhere. So I say go for it. Just remember...

1. You make money on the buy (don't overpay for a deal)

2. Location is extremely important. Don't buy a deal in a bad neighborhood or on a bad street.

3. Don't do any of the work yourself. You're not a licensed contractor and you don't know what you're doing.

4. Get a bid from 3 different general contractors to remodel your house. Don't go with the one who gives you the best price. Go with the one who you trust will be able to execute your vision in a timely manner.

5. Your project will cost more than your general contractor says it will

6. Your project will take longer than your general contractor says it will

7. Whatever you think the ARV will be, haircut that number by 15% when you are underwriting the deal. The market is getting weird. Forecast the worst.