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How to Get Started Flipping Houses with No Money, No Job, and No Credit

by Jeanette Joy Fisher

I get emails all the time like this: I want to make money flipping houses. I have no down payment, bad credit, and only make $10,000 a year. What would you say to a person like me who's only 20, makes 10k a year part time, and goes to school full time?

Sounds impossible, doesn't it?

First, people rarely tell me where they live and location makes a huge difference. Each real estate market has unique possibilities and limitations. Investors in Ohio flip $100k houses and investors in California flip $400k - $1m houses. Securing a contact on a $100k house is easier than the more expensive properties.

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Here are some steps to get started flipping houses:

Start with the basic flip. Find an investor who wants to fix and flip or build an investment portfolio. Then find a motivated seller, get a bargain sales price on the house, and get a contract that allows you to sell the contract to the investor. This takes work and a good understanding of your market. See if you have an investment club near you. Many investors, too busy to find properties, will pay you to locate houses. Also, this experience will educate you in the real estate investing business.

Get your credit in order. You only need two major credit cards like Visa or MasterCard. Don't apply for a lot of credit. Pay most of your bill off each month, but let a little roll over. Keep balances low compared to the credit limit. You need a score over 680 to get the best financing--over 720 is even better. Get the free Credit Tips ebook at Real Estate Credit Help.

After you have flipped a few contracts, you will have money to work with to buy your own flip. However, you will need more income to qualify for a mortgage in most areas. Talk to a loan officer about your possibilities.

Make yourself a financial plan. Joe Lukino worked four years after graduating college. He's been flipping houses for the past four years full time in Ohio. He owned 50 house before he reached thirty.

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Doghouse to Dollhouse for Dollars: The Real Way to Make Money Flipping Houses!