Have you ever considered changing the course of your life and becoming your own boss? Most people if asked are not happy with their current jobs. Your whole schedule is pre-determined for you. You have to ask permission to take off whether sick or on vacation. You live by somebody else’s plan. Now, this all sounds negative and it doesn’t have to be. It really depends on what your ultimate goals are in life. There are also many rewarding careers that people choose to follow even if it’s not about financial gain. Others prefer stability and security and that is perfectly acceptable if that is what is important for you. However, for those that would like to chart their own course, flipping houses for a living can absolutely provide a comfortable living for you and your family.

When thinking about real estate, most people automatically assume flipping. Why is that? Most likely because it is one of the best ways to generate financial freedom and earn healthy returns on your time and effort. Search the internet and you will find dozens of stories on how families and individuals have created a life for themselves on their own terms through the power of flipping houses for a living. The average gross profit on a flip is $62,700 which can further be translated into a 39% percent return on your investment. Now multiply that a dozen times and you can start to see how flipping houses for a living is certainly possible.

When it comes to flipping houses for a living, it is important to first educate yourself on the process. To make money in flipping, you have to invest money. Just as easily as you can make money flipping houses for a living, you can also easily lose it all. The key is taking a smart approach and leveraging the resources around you to make the right decisions. Besides, real estate is a very flexible investment vehicle to work with. There are many ways you can buy a house with very little money out of pocket and turn the house around for a profit. That said, without educating yourself on flipping houses and real estate first, you’re better off not starting. Do not start until you learn the fundamentals.

First, you should understand basic personal finance. This includes managing your money, how your credit works, the requirements for a loan, and tax implications with flipping. You cannot gain a firm understanding of flipping houses without gaining a good insight into your own personal finance. Remember, unless you are buying cash, your lenders will want to make sure you are somebody trustworthy that they can lend to. The best indication of that is your financial records. Start the process towards flipping houses by first understanding your own personal finances.

Next, you’ll want to learn more about what makes a successful flip. This requires learning a little bit about real estate. How to purchase a home? What is ARV? How to get financing? There are many different topics you should review first. You can take the time to do this yourself through the vast amount of resources on the web or you can accelerate the process by paying for a program or hiring a coach. Companies like RealSuccess offer all the training and resources you need to accelerate your goals towards flipping houses for a living. It is often better to learn from experts and learn from their mistakes. Remember, flipping houses can have costly mistakes. The best way to avoid them is by being aware of what they are and then the best way to do that is by working with a coach who can guide you through the process. Either way, whether it’s paid or free, you must gain a fundamental understanding of how real estate works along with flipping so you can make the right decisions when working on your first property.

Now that you have taken the time to develop your financial and real estate education, it is important to understand some best practices when looking to flip houses for a living. Understand that in real estate, location matters. Where you buy your flip can potentially determine the success of your flip. Real estate is local. When determining the value of your flip, buyers will use comparable houses in the local market. This doesn’t just mean though if your neighbor sells their home for half a million, that your house is worth the same too. Another consideration is also the square footage, how many rooms and bathrooms, and what other improvements were made in the home. It is best to do your research first before tackling a flip and understanding which market and location make sense for you as well as what are the comparable houses to what you are currently interested in buying. When making offers, the rule of thumb is that you want to pay 75% of the total ARV for the home. That way, you are guaranteeing yourself equity in the property right from the start and you have a healthy path for growth in valuation. Most investors will tell you that you make your money on the buy. Consider the best practices provided when starting to look for your first flip.

Overall, it is absolutely possible to create a living flipping house. Understand that the benefits of doing so will mean that you take charge of your life and create new opportunities for yourself and your family. That said, you must pay special attention to what it takes to start flipping houses and securing the proper education for yourself. Work with a real estate education and coaching company to speed up the process and start creating the dream life you always wanted. Investing in yourself and education is always the best course of action. Whatever route you take, you will find that flipping houses for a living is a rewarding vehicle for creating a life of freedom.