How many flips can you do? - Posted by Mark, Ca

Real Estate Investing
#1

Posted by Joe Kaiser on January 05, 1999 at 13:45:58:

And that’s the problem, Mark. Although it “seems easy enough,” it isn’t . . . especially the first time around.

There are 101 ways to screw things up when you’re new. But you can only learn those things by going through the process and by doing a deal or two.

Again, it will be very difficult for you to pull this off by 3/31/99. It will take a big effort on your part, but it will get easier and easier as you get more experience under your belt until you reach a point where doing deals just comes naturally.

You’ll have to crank it up to pull it off, good luck.

Joe

#2

How many flips can you do? - Posted by Mark, Ca

Posted by Mark, Ca on January 04, 1999 at 19:09:10:

Hi All,

I just finished reading Scott?s Sure-Fire Quick. I must say that it is very well written and delivers as promised. If you do the homwork as directed I believe anyone with a 8th grade education can succeded. It?s as easy as 1,2,3.

I have decided to start with wholesaling (Flips) and then branch out also into rehabbing after building a sizable lump of cash. I have one question, what is a reasonable amount of transcations one could close on a part time basis? I do have a full time job but, will be devoting Saturdyads, Sundays and few days here and there during the week to proscpecting. I know that it will vary but, a would like a resoanable target to shoot for. I will be propesting in the San Quaquin Valley, Ca, where the medium price home is $130,000.00 and the housing market is hot (hunderds of new homes are being built) but, there are plenty of old houses that meet the buying criteria ( 20 to 30 years old) for flips.

Thanks in advance and keeping posting!

#3

Flip right out the window! - Posted by Redline

Posted by Redline on January 04, 1999 at 19:30:49:

Mark, this type of question has been asked before and you’ll never pin anyone around here down to a specific number BECAUSE …

There are too many factors involved. Your motivation and knowledge not being the least of them. Some people could maybe do 5-10 deals a month while some can’t do 5-10 in a year.

Don’t worry about quotas or keeping up with anybody else. Just education yourself, get knee-deep in it and locate some good deals.

Good luck,
RL

#4

Re: Flip right out the window! - Posted by Mark, Ca

Posted by Mark, Ca on January 04, 1999 at 22:15:22:

Thanks Redline,

I did not think I would get a specific number but, just a ball park number. Ten flips a year would be nice to start. So I figure if I just spend weekends looking for flips 52 x 16 hours ( for Saturday and Sunday) /10 deals a year would = 83.2 hours per deal. Now if I average $2,500.00 per flip/83.2 = 30.04 per hour, plus I would have business write offs.

Looks pretty good to me so I’ll make my target 10 flips a year.

Thanks again Redline

#5

Re: Flip right out the window! - Posted by Redline

Posted by Redline on January 05, 1999 at 09:33:09:

See, the thing is … the scale will be completely tipped. In the beginning it might take you three months to do one deal. (or longer!)

But as you get educated and experienced, hopefully they will come sooner and quicker. But it’s an on going process of asking questions, digging, learning, negotiating, etc.

Good Luck,
RL

#6

Re: Flip right out the window! - Posted by Bob Eberle

Posted by Bob Eberle on January 05, 1999 at 10:15:29:

Mark, Redline is correct. Forget about 10 a year. Your goal today should be that first one. Do that one, then go out and do it again. Who knows, 10 a year might be holding yourself back. Good luck.

#7

Re: Flip right out the window! - Posted by Mark, Ca.

Posted by Mark, Ca. on January 05, 1999 at 11:52:48:

Thanks Bob and Redline,

Fair enough one before 3/31/99 seems easy enough.