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Tips for someone who wants to start flipping houses?

I’m 20 and have always been interested in flipping houses. Obviously im young and have little experience or money so do you think there are certain classes i should take? how much money would i need to do my first one?
just basically how would i get started

3 Responses to “Tips for someone who wants to start flipping houses?”

  • falsifiable:

    Don’t do it. Since you have no clue about the business, you will lose your money.

    Read “Home Buying for Dummies” to learn more.

  • prosey:

    Have you considered becoming a partner in an adventure such as this? That way you won’t lose your entire investment and you will learn the ropes. You can find out who’s flipping houses in your area by talking to real estate agents. be careful and keep at it –some are nice– some are guarded and that is b/c they may not welcome the competition. Lot’s of RE Agents are flippers, now. Until you know what you are getting into, it might be wise to start out more in the shadows.
    all my best.

  • Simpson G:

    Have cash and access to a very good construction/handyman/interior company. Purchase low end houses to “flip”, or amazing properties that are underpriced.

    I’ve seen so many homes end up in foreclosure when young people try to get into flipping and buy a run down house and attempt to fix it up. Unless they REALLY have excellent skills AND/OR an excellent repair/refurbish team, they usually end up making a bigger mess.

    In this market, it’s very hard to flip homes, esepcially without experience.

    Buy properties outright (no mortgage), upgrade only within the parameters of the home and neighborhood (don’t put a $5000 stove in an $80,000 500sqft junker), know your comps inside and out, and be good at understanding the math.

    Remember, closings can suck out a ton of money. Buying a $100,000 house, spending $10k on repairs, and selling it for $120,000 may net you zero (or less) once you factor in closing costs (both ways) and repairs.

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