I am going to start flipping my first house soon. I have a full time job and hopefully with your advice I can profit and eventually leave my full-time job to make Flipping Houses my career. I am 27 years old and tired of sitting in an office, i like the outdoors and also enjoy sitting at a desk, but NOT all day! I only live once...i want a happy financial stable family...I want success and nows the time! If i take your advice and educate myself. Will this work...HONESTLY! I AM %100 on this!
|LM says:It sounds like you are in a good position if you can give your first flipping a try, while still employed, that's how I got started. |
Making it as a flipper on a full-time basis is by all means possible but not easy at all, like I am finding out! Since I don't know the specifics of your situation I have to start out by saying that education is key. Make sure you have learned and studied your market, laws, hiring contractors etc. so that you prepare as best as you can before making your first flip. Make sure you write a business plan, choose your criteria and calculate your financial figures carefully.
It sounds like your commitment is where it should be and you are going to need a lot of it. It is hard at times but then again if you are attempting this it probably means you don't want to settle for average and I can totally understand why you are looking for something more than the office life.
My flipping attempts have been eye-opening experiences as to what is possible and what I am able to accomplish. Like everything else I would suggest you start slowly, study your market thoroughly and see if you can find someone that is doing what you want to do and ask them for help/counsel/mentorship. Most of all for your first flip make sure you are truly getting a deal when buying that is the #1 thing, everything rolls from there.
When trying to make this a full-time venture the goal is to create a "pipeline" where you have a house or two on the market for sale...a house of two undergoing rehab...a house or two under negotiation or contract to buy...get it? That way you create a business which is what you are doing here, this is not just investing.
Please come back and let us know how it goes.
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