The get-rich-quick schemers want you to believe that anyone can make money in house flipping. That is false. It does take a certain number of assets. Not just time and money, but some important intangibles as well. Here's a list of assets that we have found to be imperative. We believe that if you lack these assets, your chances of being successful diminish rapidly.

Courage!

To quote the cowardly lion in the Wizard of Oz, "What makes the elephant charge his tusk in the misty mist or the dusky dusk? Courage!" This is not a no-risk proposition. You are taking a risk. You could lose money. Lots of money. Do we think that is likely? No. But it is a possibility, directly proportional to your desire to cut corners and avoid hard work.

One of the greatest assets we brought to the table as we began to get into house flipping was...