Young and interested in house flipping

[LM6769]

Hi guys. Im Mike. Im 20. I live in Nassau County, Long Island. I am interested in house flipping. I know absolutely nothing, except it can be very rewarding if done the right way. I work for my father who owns a construction company, and I have learned a lot as to how to renovate a house. Most of the work I am willing to do myself. I'm not sure what to look for or what price range to search. If someone is willing to give me some valuable starting info and advice it would much appreciated.

[Codythebest]

Forget flipping in a buyer's market...and America is entering in a deeepp and ugly buyer's market...

[LM6769]

Forget flipping in a buyer's market...and America is entering in a deeepp and ugly buyer's market...

I'm sorry but I didn't ask if flipping was a good idea or not. I want some advice on how to get my self started in becoming successfully in flipping property.

[Codythebest]

Oh ok. Well, it's not difficult. You locate properties at 50% of FMV or a pre-foreclosure. Once you control the property at that price, you ready to rehab the place adding a top of 20% of FMV. You sell it within one month or two at FMV.
Don't forget to check the 'days on the market' of the active and sold listings in the area.

Now, what I wanted to say is, in this market, the FMV today is the FMV minus 5-10% within 3-6 months. Add 3-6 PITI on it and any overcosts. You'll get a good 10% NET. Not bad.
So, as example, you see a foreclosure at $200K FMV, you get it at $100K, you ad $20 for rehab. You pay $6K for PITI and you sell it at $180K. With no RE commission, you get a good $50K in 6 months. If you need an agent, deduct 6% out of it...

I wish I could flip these days myself...but there's no buyers...
I buy a pre-foreclosure every month but I can't sell. I'm gonna hold and rent them, waiting for better times...