HELP!

[Alexander Moses]

Can anyone break down in a process of steps the buy and flip methodology?

My situation: My uncle buys and flips houses and is starting to mentor me but their is a huge language barrier. Meaning I only speak English and he barely speaks English. He does no money down buy and flips, and he has a hard money lender who trusts him dearly. I have a full time job so I'm not always around him. I'm very passionate about getting involved with him but I only know the basics to the buy and flip process and I want to have more knowledge about it before I jump in. This hard money lender gives him cash up to 100,000 for a property and asks for 12% interest after it sells. I'm now taking classes to get my RE license just to get my foot in the door. I know this is a bunch of ramble but this is my situation and I want to know what should I do as far as AFTERI get my license? Should I work for and real estate investor company? Should I work for a regular agency? How do I strategically find good properties to small and medium sized houses to help my uncle with his business and myself as well? I want my uncle to take me serious and I'm willing to learn and put in the work.

Anyone's opinion is welcome,

Alexander

[Cody Campbell]

Quick breakdown.

Hard money loan of 100k

-usually 3-5 points up front (3-5% cash you give the lender for the loan.

-usually 6-12 month term @12% apt

-you pay interest only each month (100k @ 12% is 12k) (12k/12months...you pay the lender 1000/month until you return his initial loan of 100k

So your 100k loan over 6 months will cost you 3-5k upfront and 6k in interest payments.

If you can flip the house in 3 months you only owe 3k in interest for the loan