First time flipper, where to start?

[Chantel Haywood]

Hello! I'm Chantel. I live in Bozeman, MT. I am planning to relocate to Seattle area in 2019, but I would like to get a house or two under by belt before the move. I've pondered flipping for years. It's always been in the back of my mind. I'm tired of working for other people and not being respected. I've put off starting my flipping career because I had the doubt that I just don't have the money or the credit. I've done a TON of research. I've read books, blogs, articles, watched videos, networked with a few brokers in my area, attended seminars/webinars, and even found a property I may be interested in. I even  have a potential buyer. My question is, where do I start? I've seen all the hype about hard money lenders, and I'm hoping I can go in that direction, because as I previously stated, I just don't have it out of pocket. Is it realistic for someone with little money, and rough credit to go that route? I almost wish that I could find someone to help me walk through the first flip with of course, split compensation. Is that realistic? Any advice is welcome. Thanks in advance! 

[Brandon M.]

Patrick really is putting the scare in it. In my opinion your best bet is to find an experienced investor with the capacity to handle the deal. Ask them for a small piece of the pie, whether it be a finder’s fee or a small percentage.

At this stage in the game knowledge acquisition/learning experience is more important to you than making a ton of money on the deal.

Tell them you would like to be involved in the day to day of it, even if it is just as a project manager checking on the process, a runner of materials when the workers need something, or just a “fly on the wall” listening as they meet with GCs, handymen, etc.

Listen, learn, and glean anything and everything you can. I cannot tell you how much I have learned over the past few years being at job sites listening to conversations, and picking the brains of people more knowledgeable and more successful than me.

The path to success in real estate isn’t easy, otherwise everyone would be doing it. Putting what Patrick said a little more gently there is not any “low hanging fruit” anymore, no easy money.

Hopefully this helps a little, best of luck to you!