Posted by Doris - Va. on January 07, 1999 at 11:20:51:
Thanks Meg. Loved that WOO HOO!! You made my day!
Doris
Distressed Properties - How Do You Flip These?? - Posted by John Estell(Denver)
Posted by John Estell(Denver) on January 06, 1999 at 16:44:19:
For distressed properties do you place an ad in the paper to get potential buyer or investors to flip to? I’ve looked at 5 properties (multifamily) and they are money makers but I don’t have any potential buyers yet. So do I put an ad stating something like this:
“Seeking short-term private mortgage funds for distressed properties.” or do I say " 60K, first private loan at 15%, 5 years, 50% LTV." Then advertise in the Financial section of the classifieds.
Or something to this effect. Then if I get calls then do I tie the properties and sell my positon or do I take the money and go through the rehab phase. Thanks for all suggestions.
Re: Distressed Properties - Posted by Jackie in Dallas
Posted by Jackie in Dallas on January 06, 1999 at 16:52:23:
Look in the newspaper for investors under the “Real Estate Wanted” section. Call them all to see if they are interested.
Since these are multifamily properties also look in the Business Opportunity Section - perhaps someone is advertising that they are looking for the kind of property you have.
It is always best to have your investors lined up BEFORE you start writing contracts on properties.
If you have to ask these questions - you probably aren’t ready for a rehab, especially NOT a multifamily.
It’s better to gain experience with flips before you take on a rehab project.
Re: Distressed Properties - Posted by John Estell(Denver)
Posted by John Estell(Denver) on January 06, 1999 at 16:57:25:
Thanks Jackie. So I can flip the distressed multifamily properties just like single family homes? Put a purchase agreement on it and then sell my position? Thanks for all your help. I sent you a post a few days ago. I got my answer I think. Thanks again and hope to see you at the convention.
Re: Distressed Properties - Posted by Doris - Va.
Posted by Doris - Va. on January 06, 1999 at 18:23:03:
I took Jackie’s advice to heart and called three “I Buy Houses” ads today. Two calls were answering machines and I left a message for them to return my call. One call was a hit! I said -" My name is xxxxx and I am just starting out as an investor. I would like to begin by finding properties to assign to investors like you. Would you be interested in being called if I get something?"
Just as Jackie predicted - he said YES! I went on to ask about the area he was interested in and whether he was a cash buyer or needed time for finanicing.
Immediately he told me everything I needed to know and more. He made several good suggestions and proceeded to tell me what to be sure and put in the contract and what types of houses to look for and what to stay away from. He said he had made all the mistakes and wanted to help me not to waste my time on the wrong moves.
We really had a great conversation and I felt we were on the same wavelength. He has almost unlimited funds from private investors and told me that he can close anywhere from one week to 5 days if necessary. He is an agent but does investing also and has been in business for about 20 years.
How is that for lucking out!!! My first live call and I get someone like him!!!
Now if I can only find the houses. The two realtors I called yesterday didn’t have anything but did agree to call me if something showed up.
Now I plan to review all the ways to find houses to flip from this site and in my books. Also will make my first visit to various neighborhoods to see what I can see!
I am so motivated now that I can hardly wait to go and look. Could it be that I will luck out again??? This is tooooo much excitement for me.
Jackie -
I’ll let you know how this turns out. Doris - Va.
Re: Distressed Properties - Posted by Jackie in Dallas
Posted by Jackie in Dallas on January 06, 1999 at 17:13:20:
Sure - you can FLIP anything. Cars, a RV, land, mobile homes, a one story house, an apartment complex, or a 20 story office building, etc.
It’s just better to have a list of potential buyers lined up before you waste you time out looking for something. You need to know there is a market for whatever you are flipping.
Re: Distressed Properties - Posted by John Estell(Denver)
Posted by John Estell(Denver) on January 06, 1999 at 22:22:17:
Thanks again Jackie. I guess I need to explain things better to you. I have about eight sources but I guess by being so new (only two months) I thought I’d needed something different. I flipped my first property over to none other than William Bronchick but thought since these were multifamily I’d need something else. Just my ignorance that’s all. I will call all the investors on my list tomorrow. What kind of ads did you use to interest or peak the investor’s curiosity. Thanks again Jackie. You do inspire (as all the other wonderful people who help us) all of we beginners.