Posted by Jackie in Dallas on November 10, 1998 at 19:08:16:
It can indeed take a long time to get to the profit side of rehabbing. If you ONLy work with properties that will produce at least $10,000 profit that makes the waiting a little easier to swallow.
However, beginners are often overly optomistic about how much the house will sell for and tend to under bid the repairs - the two combined can kill a deal real fast!
I suggest that “newbies” start with flipping contracts. This allows you to get a better feel for the market and get more experience at estimating repairs. The best part is you get paid much faster; maybe not as much - but faster! I call it earning while you are learning.