I have $10,000 cash, how can I get started in flipping houses?

[Ryan Biankowski]

Hello all,  

I've been saving up for a few months because I'd like to start flipping houses.  I have roughly $10,000 and I'm looking for ideas on how to get started flipping houses in my local market.  I understand this idea might not even be plausible, but I thought it's worth a shot to ask.  

Thank you,

Ryan

[Daniel Ramirez]

@Ryan Biankowski

You absolutely can.

Research your market, come up with a flip strategy (what type of house you will want to purchase, how you plan on finding this property, what area you want to purchase, how you will come up with financing), find the property that fits this strategy, secure the financing, and close on the deal. After this it's a matter of execution.

With respect to finding he property, there are several ways. You can build relationships with wholesalers who know your market and can provide you with leads on "Off-market" deals or you can use an agent to find something on MLS for you. From personal experience, MLS deals are much less lucrative given their higher price points (typically).

With respect to financing, you can talk to any of the hard money lenders on this site for different financing programs they offer (some are tighter with someone who has not yet executed a flip), you can take equity out on existing properties you have, you can use private loan from a friend or relative. If the deal is good enough and you are confident about the profit potential, you can always use credit cards as a short term cash source as well.

I'm also relatively new to this, but have recently jumped into the game. Feel free to PM me anytime.