Posted by Ronald * Starr(in No CA) on December 30, 2002 at 21:38:52:
B Reeves–(OK)-----------
Are you in Love County? Actually, I’ve been in most of the towns that fit your description.
First, the term “flip” or “flipping” is too broad. You would do best to either say “wholesale” or “retail” flip the property. Two different things, two different answers.
Assuming you meant wholesaling, the question is, are there investors who want to own properties in the town for rental purposes? If yes, the next question is would they miss the fact that this house is for sale? If they live somewhere other than the town or for some reason might not know of the property for sale, then it might work.
The problem is you are talking about a property which is openly for sale, with a big for sale sign on it. And perhaps in the multiple listing service and maybe realtor.com. So any local potential buyers probably know about the property and don’t need to deal with you. The only exception might be if you are a good negotiator and can get a contract on the property for considerably below the asking price. Then somebody who was not interested at the asking price might become interested at a lower price.
You might want to find out who owns investment properties in the town so you can find deals to wholesale to them. Then find the deals which are not out in plain view. Ignore the listed properties and perhaps those in the newspaper. Work the properties which are not listed: vacant, rundown, probates, delinquent property taxes, out of area owners, those owned for a long time, etc. Then, when you get one under contract, you have a monopoly position.
So why don’t you try to make a deal to buy it yourself as a a rental? Talk to the agent and, if possible, the owner. Even if you have no money for a down payment, it might still be possible to structure a purchase, if you think the property is a good deal.
Good Investing*************Ron Starr**************