What are the typical detailed steps to buying a property to flip?

[Orlando Paz]

I just went by a local home that was in the process of being rehabbed. The investor was not around, but I got the opportunity to ask the general contractor some questions. In our short conversation, I let him know that I had been interested in the house he was working on. Based on our chat, I think he could sense that I was a newbie. That assumption must have been made when I asked if he would be able to give me a rough estimate for another home I have seen in the area. He was nice enough to take a moment to chat with me. Although I lost the opportunity with that home, he did mention that it would not be a good home for a first time investor. Based on the repairs involved, the price of the house, and ARV; we both agreed that the investor would probably break even. He also went on to tell me that one of the first steps is to put the house under contract, before I consider getting an inspection from him or any other contractor. He mentioned something to the effect of making the contract contingent upon the inspection (I wish I could have written the steps down!). He says that he works with investors all the time, so I guess he's also knowledgeable on the details prior to taking over a property. My question to all experienced flippers and agents… What are the detailed steps involved? We all hear about the general processes, but what steps come before what?... Let's say that I came across a potential fix/flip deal. What steps do I need to take? Do I need to have a hard money lender lined up? (if I chose that type of financing)

The experience turned out well. I told the general contractor that I may need someone like him in the future. We exchanged info., and he may very well be someone I could consider working with. 

[Patricio P.]

@Orlando Paz I highly recommend you check out @J Scott's book on Flipping Houses which is available as a single item via amazon or as a bundle here on BP with his other book on estimating rehab costs. The flipping book literally lays out step by step what you should do and I like the fact that in the first few pages he lists an overview of all the steps.