First time investor

[Colby Miles]

Hello all or any who can be helpful to me. I am planning on getting out of the ARMY in about a year. I will have approximately $25,000 saved for investing in real estate. I originally was going to go the route of buying a property in order to rent out and use the $25,000 for expenses and down payment, however, after watching some shows like "income properties" and another show on flipping houses, I came to the conclusion that flipping houses will get me the money I need much quicker so that I can invest in larger apartment buildings which is my final goal for retirement.

My question is; Where do I find a group (in NC) to help mentor me in flipping houses. And how could I best use my $25,000 on my first project. I would like to do this for a living so anyone else who is out there making good progress flipping houses, please give me some advice. Mainly, how to spend this $25,000 to begin with. I will need the following:

down payment on house
mortgage
construction loan
staging the property
money for utilities, taxes, insurance
what else?

I am wanting to be success for this so no short cuts. Also I will not be doing the construction myself for the renovation/rehab, I would definitely hire a professional contractor and interior designer.

Thanks in advance,
CJ Miles

[Brandon Turner]

Hey Colby Miles. I wouldn't be so quick to turn from the idea of using the money for a rental. I mean, 25k will buy a nice 4-plex (well, as a down payment) that will provide a great intro into REI. You may not build up capital quite as fast, but the lessons you learn will come in very handy when you start doing apartments eventually.

Check out this article for some ideas on my strategy:

How to Make a Million Dollars in Real Estate: A Step by Step Path

However, if you are set on flipping (and there is nothing wrong with it - as long as you realize it is a job) I'd recommend picking up a copy of "The Book on Flipping Houses" as it will tell you pretty much everything you need to know about the business of flipping. Memorize that book and let it be your guide.

Hope that helps!