Posted by Chris on January 19, 2003 at 18:48:08:
Yes that’s what flipping means. You tie up a property with the intention to assign or sell to another buyer without tying up your own capital.
I am talking retail flips. Sounds like you’re doing wholesale.
Best approach for finding flips - Posted by Greg
Posted by Greg on January 18, 2003 at 14:29:29:
I’m in the middle of completeing my first deal. I actually stumbled on this house to flip. It should net me about 14K without ever touching the house and total time in and out is going to be about 1 1/2 months. This seems to be the way for me to start my investing business (Iknow they all won’t be this easy). I’ve tried a couple of ads, and searched the MLS, but havent’t had much luck lining up #2 deal. My question is for the experienced people who do flips. What have you found to be your best source for finding the appropriate properties? I really appreciate any help.
Re: Best approach for finding flips - Posted by Rob FL
Posted by Rob FL on January 19, 2003 at 19:21:59:
Two words. Bandit signs.
Re: Best approach for finding flips - Posted by Chris
Posted by Chris on January 18, 2003 at 16:28:01:
Flip transactions are available everywhere. Any seller that is willing to list with a realtor is a flip candidate. They are already willing to take less to sell fast.
The hardest part is in finding sellers to trust you. I have found the best way to flip is to show that you can increase demand on their home. You need to show that you know something that they don’t and are able to do things that they can’t on their own.
Chris
Re: Best approach for finding flips - Posted by MattFL
Posted by MattFL on January 19, 2003 at 07:03:11:
Can you elaborate on what you said here:
“Flip transactions are available everywhere. Any seller that is willing to list with a realtor is a flip candidate. They are already willing to take less to sell fast.”
I’m failing to see the profit room for a flip. If a seller was going to list there home with a Realtor for 150k, sure they are willing to take 6% less or 9k. So you probably wouldn’t have a problem buying the place for 141k, right? So where is the profit, better yet, where is there enough profit for a flip? Am I missing something?
“I have found the best way to flip is to show that you can increase demand on their home.”
Please tell me you’ve done this.
Re: Best approach for finding flips - Posted by Chris
Posted by Chris on January 19, 2003 at 13:00:25:
How much is enough for you? On flips your objective is to sell quickly and take what you can.
I don’t know about you but $9K is not bad on a sale that takes little or no investment on your part. You don’t see where the profit is with $9K?
Like I said “the best way to flip is to show that you can increase demand for their home.”
Why else would sellers let you sell their home?
Re: Best approach for finding flips - Posted by MattFL
Posted by MattFL on January 19, 2003 at 13:10:03:
What is your definition of a “flip”? By “flip” I mean tying up a property and assigning my contract to another investor for an assignment fee. In order for my investors to want it, there has to be at least 20k or so left after fix up, my costs, closing costs, holding costs and whatever else. Who are you flipping to? A retail buyer?