Flipping 101 - Posted by m.b.

Posted by Doris E. Shanks on November 12, 1998 at 15:32:01:

Hi Dwight - Ron LeGrand’s “Quick-Turn Real Estate Course” costs $190.95 including S&H according to one of his forms that I have.
Additional items offered add a little more. Some of the phone numbers are 1-800-496-1874 or 1-877-891-3802 (also toll free). You should be able to get info on seminar dates and locations etc. Actually - I got an unusual amount of literature just by calling for free information. The seminar was free and Ron LeGrand himself was there and gave away his book for free. I hope you have a chance to attend one of his seminars. I’m sure you will enjoy it and learn a lot as I did. Doris.

Flipping 101 - Posted by m.b.

Posted by m.b. on November 11, 1998 at 08:51:47:

The thought of tenants and managing properties is not exactly the sort of thing that has me dancing in the aisles, I’m afraid. I’m just not a tenant/landlord sort of guy. Thus, I have more than a few dozen times become very excited with the prospect of flipping properties without taking actual long-term ownership and having to deal with tenants and management headaches. This might be the area I would like most to specialize, since there are so many different paths and techniques one can take with regard to real estate. I have heard people talk about it, and Carleton Sheets briefly touches on it in his course, as well as Robert Allen in his books. But there is no hard and fast information I have been able to find that tells someone how it works and the nuts and bolts of how it’s done. Any suggestions here? Please, I would really like to hear from someone who has actually done it, and not just a bunch of people who’ve read about it and know the theoretical applications. Of course, anyone who could suggest good books, courses or materials and experts exclusively on the subject, would be most appreciated. But I would really like some concrete explanation of flipping by someone who has done it and with relative success. Can brokers or bankers with REOs be used for this technique? Also, Robert Allen is offering a $1,495 course and individualized consultation service that apparently assists a new investor with the process of acquiring and flipping a property. Does anyone know about this or has done it? And is it worth the $1,495, or do you believe the money might be best spent someplace else? Please enlighten me. Thank you in advance for any and all suggestions!


Re: Flipping 101 - Posted by Bill Gatten

Posted by Bill Gatten on November 13, 1998 at 22:20:15:


I agree with you about the rigors and headaches of landlording. However, I found my Utopia several years ago while looking for a better way to do Equity Sharing which is pretty much a passe concept now, given the advent of the 3rd party land trust conveyance ('couldn’t resist saying it).

With the particular program I use, I pick up the properties and put someone else in them to handle–not only all payments and costs–but also to cover 100% of all maintenance, repair, upkeep, property tax, insurance, HOA dues, etc. on a 3-5 year contract (or more).

The deal is, if they honor the obligation throughout its term, they get 100% of the property, 100% of the possessory interest, 100% of the equity build-up in the underlying financing, 100% of the tax write off, and 50% of the appreciation in 3-4 years (sometimes more, depending upon the Payment to Property Value [P:PV] Ratio, and/or how much cash they come in with up front).

In this arrangement, I have incredible flexibility… I don’t have to calculate Yields and Internal Rates of Return, ROI’s, anticipated profit, etc. (I’m like Bronchik: I know how to do it, but it drains my Ginko Biloba). I merely find someone who has a property they don’t want, and I agree to take it off their hands. I then advertise for someone else to cover the cost and share the profits with me 3-4 (5,6,7, etc) years down the road. I call it “buying real estate for ‘Nothing Down and Nothing a Month’.”

The ad basically says, "No bank qualifying. No down payment. Low payments. Vine covered beauty. You’re really stupid if you pass this one up. Shut up and call me (or something like that).

In all candor, the process and the concept have never failed me once; and because of it, I actually enjoy picking up over-encumbered properties, believe it or not. These sellers are REALLY motivated, and the over-encumbrance (if not more than 15% at start) is amortized out in a few years anyway (while someone else makes the payments). If the property doesn’t cost me anything down, or anything per-month; and if I don’t have to qualify for a loan… and if I’m honest, fair and candid with all parties, what do I have to lose?

If I only have 8 or 10 of them comming due in a year, and only make $15 or $20K on each one (not counting any equity that I may have started with, and/or any postive cash flows I may have received along the way… that ain’t too bad.

In the event I were to come out at the end with no appreciation (though possible, its highly unlikely, given a 4-5 years run at it), I merely offer to extend the agreement; or I terminate it, raise the price, and find someone else to start the process all over again. Or… (though I never have and wouldn’t… probably), I could just give the house back to the original seller with all of its improvements and a lot less owing on the loan).


Re: Flipping 101 - Posted by Brandi_TX

Posted by Brandi_TX on November 11, 1998 at 13:44:59:

LOL, I won’t be a yahoo and tell you all the theories I have never practiced, but I will say that I have ordered Scott Britton’s course. You can get it from this site, or from Scott’s site. (www.realestatesuccess.com) It is alot less than $1494.00. I have heard alot of good things about it and am looking forward to getting it. I have also heard that Ron Legrand’s products are a good resource as well.

Good Luck to you. -Brandi

Re: Flipping 101 - Posted by doris shanks

Posted by doris shanks on November 11, 1998 at 16:22:11:

I recently attented a Ron LeGrand free
seminar. Material on flipping (wholesaling)
houses - rehabbing (retailing) and
Lease/Options was excellent. Best of all was
two tapes and generous size booklet free in
the mail following initial phone call up
front. At seminar I received his book free
and two more tapes in the mail later on. I
did not spend the big money but feel I learned
a great deal and even got the legal documents
which were in the book.

Re: Flipping 101 - Posted by Dwight

Posted by Dwight on November 11, 1998 at 21:55:03:

How much does Legrand charge for his seminar?