I know of somebody in my family who does this for a living and he is only 23 years old. He has not had a job working for an employer since he was 18. Soon after that he discovered that all he needed was his good credit and a few friends to help out. Now he makes more money than I do working for (the man) 40 or more hours a week.

Jim, my cousin’s finace flips one or two homes a year in his spare time and he does ok financially. I guess it’s a matter of location. He tries to do his in neighborhoods that command a high dollar.

I’m just interested in knowing if working for a privately owned incorportated company is legal? As far as, showing houses without a real-estate license.

Correction, Showing houses without a license for an incorporated company, privately owned. Is this legal?

Great question, Sherry… I know a few that do that myself…

I’m 19, great credit, and I grew up in construction my whole life. I have the background and support but not the money to break into “flipping.” What’s a realistic next step?

Travis,

I would focus on fixer-uppers since you have a construction background. Plus, in my opionion, they represent the least risk in terms of flipping homes. Talk to a local lender and ask specifics about financing, then read up and find a good deal. MLS is a pretty good resource for rehab projects, but for better margins you might try hunting a little more i.e. foreclosure.com.

Shameless plug: I’d encourage you to join our community (we just launched this past week:)

Cheers,
Patrick
Flipping Pad

I go by the 10-10-10 rule which means purchase at .70 cents on the dallor, expect to pay .10 for admin. cost .10 for repairs and up grades and .10 profit.

Nice article