Suggestions for learning the fix & flip business

[Michael Wever]

I've purchased multiple houses in the past and really enjoyed the rehab process. However they were all primary residences at the time. My question is what would you recommend to get my feet wet in a fix & flip business.  Should I take the plunge and invest in a non-primary residence property and essentially learn through trial by fire? Or would it be best to offer some free services such as boots on the ground in exchange to learn from another investors business?  I live in a college town (South Bend - Notre Dame) so it may be a good market for out of town investors.  Look forward to any advice.  Thanks, Mike.

[Jonathan C.]

Best to learn from another investor. 

To do that, offer them something:

a- hang lock boxes on properties you're going to be rehabbing

b- do other random errands at properties as you need them

c- give you a 0% loan of XXX amount

d- go hang 'we buy houses' signs for you

e- bring you a deal and just ask for a small wholesale fee or no fee 

Then tell them all you want in return is to ask them a couple of questions and tag along from time to time while they're visiting properties that they're evaluating and/or rehabbing. Hopefully can get to know them well enough where you can joint venture on your first rehab- that's when you'll learn the most.  Then after a couple of those you'll be ready.