Posted by Harold on June 09, 2005 at 11:47:17:
Nice name Harold!!!
Let me ask you something, being the greeny I am, what do you mean by getting them under contract? I’m new to the lingo. what does that mean?
IS FLIPPING REALLY BEST FOR BEGINNERS? - Posted by jonah - FL
Posted by jonah - FL on June 08, 2005 at 15:34:42:
The advice I always read here is “Start by flipping and build up your cash reserves.” That sounds good, and gurus like Dwan Bent Twyford, and others, specialize in teaching flipping of preforeclosures. They speak of the marvels of flipping preforeclosures and making $5,000 or $10,000 or more on each flip. If the area for beginners to concentrate on is preforeclosure, and if, statistically, many, many preforeclosures have no equity, how does a beginner (or anyone) get a rehabber to agree to buy the property or have the property assigned to him or her?
Dwan, especially, teaches getting lenders to agree to short sales. Beginners are usually not ready to deal with lenders and getting all the proper paperwork done and getting a lender to agree to a short sale IN A TIMELY MANNER has to be a challenge.
Although I sound negative, I’m not negative. I would like to work preforeclosures, I’m definitely a beginner, but how do I get this to work?
Help, please.
Re: IS FLIPPING REALLY BEST FOR BEGINNERS? - Posted by Big Harold
Posted by Big Harold on June 08, 2005 at 15:40:21:
I’d agree that flipping is best for a beginner, but not short sales. Advertise in your area like a big dog, and just go driving in areas looking for trash houses. When you find one, get the address, find the owner, find out what the deal is with it. You do this for a while, you’ll find a situation where they just want to sell it. Then you’re in business! Get it under contract, sell the contract for $5-$10K! Don’t think this works? I MAKE MY LIVING DOING THIS EVERY DAY!! Trust me, best job in the world.
Harold Wilson
Real Estate Investor
Re: IS FLIPPING REALLY BEST FOR BEGINNERS? - Posted by Jodi
Posted by Jodi on June 09, 2005 at 06:42:14:
Harold,
Do you mainly wholesale? And how do you find most most of your deals, looking around for junkers, or do you market? Tell me your story… 
Re: IS FLIPPING REALLY BEST FOR BEGINNERS? - Posted by Big Harold
Posted by Big Harold on June 09, 2005 at 07:31:01:
I do wholesale exclusively. I find most of my deals by looking around. I have a target area that I drive almost every day, and have a system of locating and marketing to the owners of these properties. It’s very efficient and cost effective.
I’m looking at marketing on a larger scale in the very near future. I make enough money like this to be fine, but I wanna REALLY start making money here, as I’ve just discovered I have some direct competition in my area. For the beginner with little money and more time, however, the best thing is to just get to know a hot neighborhood with a lot of houses, and just drive it at least weekly. Get a system together to market to them. At the same time, find the investors in your area that pay cash and/or can close quickly. Flip it to them for $5-$10K, depending on the deal, and your in business. You just have to make sure it’s a good enough deal for them. Trust me, if you make them money, they’ll keep calling you!
Harold Wilson
Real Estate Guru (In Training)