10: Flipping Houses 101 with J Scott

<p>House flipping is one of the most popular methods of investing in real estate. However, it’s sometimes difficult to know exactly how to get started, as there are thousands of blog posts, articles,&nbsp;<a href="https://www.biggerpockets.com/forums" target="_blank">forum posts</a>, and more about the topic. In today’s Podcast, we talk with one of the best in the business,&nbsp;J Scott, about how he got started flipping houses and how you can follow the same strategies to build your own real estate investing business.</p><p><a href="https://www.biggerpockets.com/bpp10-j-scott-podcast-flipping-101" target="_blank">Read the transcript of Episode 10 with J. Scott here.</a></p><p>In Today’s Flipping Podcast, We Cover:</p><ul><li>How a TV show got J started with flipping</li><li>How J made&nbsp;every mistake possible&nbsp;on his first flip…but&nbsp;still made money</li><li>Tips For Working with a&nbsp;wholesaler&nbsp;and tips for wholesalers to work with flippers</li><li>Multiple&nbsp;exit strategies&nbsp;for flippers</li><li>What the “sweet spot” is in terms of profit</li><li>The “flip formula” and how to use it to estimate your profit.</li><li>How to determine the “after repair value” of your property.</li><li>Why you should&nbsp;get your real estate license.</li><li>Why having a construction background might not be great when flipping.</li><li>How J’s got his days-on-market down to a 17 day average.</li><li>Tips for finding a&nbsp;great project manager.</li><li>How to find private lenders to&nbsp;fund your deals.</li><li>Automating you flipping business to flip while holding a full time job</li></ul><p>Links From the Flipping 101 Show:</p><ul><li>J’s Blog:&nbsp;<a href="http://www.123flip.com/" target="_blank">123Flip.com</a></li><li><a href="https://www.biggerpockets.com/forums/55-new-member-introductions" target="_blank">The New Member Introduction Forum</a></li><li><a href="http://www.youtube.com/watch?v=BtEVoNCuzcM" target="_blank">How to Subscribe to a Forum Category [Video]</a></li><li><a href="http