Posted by gk MO on November 24, 2003 at 17:33:15:
It answered many of my questions…it is good common sense information that covers the basics (i.e. warranty deed vs special deed vs deed of trust, etc…)and yet helps you think through the concept - as well as giving you “nuts and bolts” information.
I don’t regret the purchase and would buy it again if something happened to my copy of the book.
Hope that helps!
HELP W/ Flips!!! - Posted by Matt (VA)
Posted by Matt (VA) on November 24, 2003 at 10:19:34:
I’ve been reading up on flips and I need to know what contracts/paperwork is involved from start to finish when doing a flip. Could someone please tell me or even email me some samples? It would be greatly appreciated, I’m looking into starting this ASAP. Thanks in advance.
Re: HELP W/ Flips!!! - Posted by js-Indianapolis
Posted by js-Indianapolis on November 24, 2003 at 13:24:01:
Matt-
Your question is too broad to be answered without a book or course. You can go get Bill Bronchick’s book, Flipping Property from Amazon here Amazon.com
It will give you a good start, and at $13.27, you’re not going to find a better deal.
Now, you want a real answer. Well, the real answer is a course, as I said. For instance, are you just wanting to get an option on a property and assign? Or are you going to get a Purchase and Sales agreement, list it, and find a retail buyer. To Option and assign, you need two forms, and option and an assignment. The latter would require about a dozen forms, depending on the circumstances.
Study a little more, and I’m sure you’ll start to get it. You’re going to need many tools in your chest to solve many seller’s problems. They’re all a little different, so the more you know the more equipped you’ll be to give the “fix”.
Best of luck.
Re: HELP W/ Flips!!! - Posted by Ron
Posted by Ron on November 24, 2003 at 11:06:39:
Hey Matt,
Save yourself allot of headaches and possible loss of income by getting Ron Legrand’s Cash Flow Library/Systems courses. I’ve been doing exactly what you want to do for more than a year and I can tell you that all we do is follow Ron’s courses to a “t”. They are on ebay or a couple of other websites on the net. They are worth the time and money.
I hope this helps you,
Ron Ward
Re: HELP W/ Flips!!! - Posted by gk MO
Posted by gk MO on November 24, 2003 at 16:50:47:
Would you recommend Ron Legrand’s Cash Flow System as much as “Ron” did in this same thread? (I already own Bill Bronchick’s book on Flipping and was wondering if it would be worth the extra denaro to purchase Legrand’s course…)
Re: HELP W/ Flips!!! - Posted by Matt (VA)
Posted by Matt (VA) on November 24, 2003 at 16:59:24:
How is Bill Bronchick’s book? I am going to purchase it soon, is it worth my money? Does it inform and answer your questions concerning flipping properties?
uhhhmmm…it’s $13!!! - Posted by js-Indianapolis
Posted by js-Indianapolis on November 26, 2003 at 13:55:54:
C’mon now. You’ll spend more on gas driving around neighborhoods this week looking at houses.
I really like Bronchick’s book because it gives you the bottom line. There are many details not covered which is PERFECT. Let me explain.
When you do a flip, there are an infinite number of possibilities. You would have to create a never ending website, or newsletter, or BLOG or SOMETHING to cover them all, and you still wouldn’t be able to. The point being, have the tools, and then YOU have to know how to use them.
I’m not sure if I can be entirely clear. Let me give you an example of exactly what I’m talking about; my first deal. It was a junker, FSBO. I got a P & S agreement for the amount of the mortgage balance. Oddly, HUD had taken this property back, and was getting payments DIRECT from the previous owner, no lender anymore. NEVER before had I heard of this, or know anyone who has heard of this since. To complicate it, it had originally been purchased through a government grant program that didn’t work out, there was a fire, insurance problems, subsequent foreclosure, etc, etc. Can you see how long the book would have to be to cover this?
I ended up discounting the payoff with HUD, and selling via double close. Again, no book would cover HUD shortsales, as this is rare as rare can be. How’d I know how to do it without a course? I can think outside the box. Remember, this is CREATIVE real estate. You can’t get all your creativity from a book. Learn the basics, and fill in the details when they arise with real imagination.
OR, wait til I write my first book, “How to turn a dollar into $11K with a HUD, postforeclosure, shortsale, fire, junker property and a cash investor double close.” Shoot. Forgot to include the dealings with the city ordinance people. I’ll add to that title. Look for a best seller soon.