flipping

[robette1]

i am new to re and interested in flipping properties in tx.  i bought my first property on today.  i paid a person 2500.00 to locate a property.  is this a standard practice in seeking assistance for locating a house?

what would you recommend for a newbie that will be using hard money funding to start in re?  how many properties should you acquire before you are over extended?  

How can I better be in control of this whole process and feel comfortable that you are not being taken advantage of by more seasoned investors?

[SCook85]

i am new to re and interested in flipping properties in tx.  i bought my first property on today.  i paid a person 2500.00 to locate a property.  is this a standard practice in seeking assistance for locating a house?

Technically you pay a realtor a commission whenever you use them, so it's very common to pay someone to find a property for you.


what would you recommend for a newbie that will be using hard money funding to start in re?  how many properties should you acquire before you are over extended?  

The resources and time that you have are what will determine when you become over extended or not.  Even if you have a lot of resources I still recommend doing only one to start, and as you gain experience and financial strength you can manage 2-3 pretty easily.  Getting beyond that usually becomes a strain on your resources.

How can I better be in control of this whole process and feel comfortable that you are not being taken advantage of by more seasoned investors?  

Do your due diligence always.  Don't just take a seasoned investors word for values and such.  You have to double check and confirm everything that they tell you.