Getting Started Guide

Before You Begin

House flipping can be profitable, but it's not get-rich-quick. Success requires:

• Education about your local market
• Access to capital (cash or financing)
• A reliable team (agent, contractor, lender)
• Patience and persistence

Step 1: Market Research

Understanding your market is crucial. Focus on:

• Neighborhoods: Identify areas with rising values
• Property Types: Single-family homes are best for beginners
• Price Points: Start with properties under the median home price
• Days on Market: Look for areas with 30-60 average DOM

Step 2: Build Your Team

You can't do it alone. Key team members:

• Real Estate Agent: Find one with investor experience
• Contractor: Get quotes and check references
• Lender: Pre-approval for financing
• Title Company: For smooth closings

Step 3: Funding Strategy

Common funding options:

• Cash: Best rates, but ties up capital
• Hard Money: Fast approval, higher rates
• Private Money: From individuals, flexible terms
• Conventional: Lower rates, slower process

Step 4: Finding Deals

Where to find properties:

• MLS (with agent)
• Wholesalers
• Auctions
• Direct mail
• Networking

Step 5: Analyzing Deals

Use the 70% Rule:

Step 6: Making Offers

Tips for successful offers:

• Make multiple offers
• Include proof of funds
• Be prepared to negotiate
• Don't get emotionally attached

Step 7: Due Diligence

Before closing:

• Professional inspection
• Verify title is clear
• Get contractor bids
• Check permit requirements
• Verify insurance costs

Step 8: The Rehab

Keys to successful renovation:

• Create detailed scope of work
• Get multiple bids
• Track budget carefully
• Visit site regularly
• Plan for delays

Step 9: Selling

Maximize your sale price:

• Professional photos
• Stage the property
• Price it right
• Be flexible with showings
• Review all offers

Common Mistakes to Avoid

• Overpaying for properties
• Underestimating repair costs
• Not having enough reserves
• Skipping due diligence
• Trying to do everything yourself

Next Steps

Ready to dive deeper? The First Flip Starter Kit includes:

• Detailed deal analyzer spreadsheet
• Rehab cost estimator with 260+ line items
• Contractor templates and interview questions
• Complete due diligence checklist
• ARV calculator cheat sheet