Need some advice on flipping - Posted by Steve (Virginia)
Posted by Steve (Virginia) on July 27, 2001 at 16:46:01:
Hi everyone… I have been toying around for several years as to how to get involved in making money in real estate in a way that best fits my personality and goals. Well I finally decided that wholesale buying/selling is the way I want to go. I’m sure there are a lot of people here that buy financially or physically distressed properties for low cost and then fix em up and resell them around fair market value.
I’ve come into a bit of money that should make this very easy for me to do and am starting to work on getting my realestate/financial team together. So i’m looking for tips as to what I should consider while making my “team”.
Right now I see that I’m going to want to have a good realtor, lawyer, accountant and handyman as a part of my “team” Is there anyone I’m not thinking of?
How do closings usually work? I’m going to be buying a home for cash if it looks attractive and I can get it for a low enough price to make my time invested worth it. I want to make at least 15 thou per “flip”… is that realistic? But back to the question… how hard is it to organize a “closing”? never been thru one (I’m 24 and always rented an apartment) How much should I expect to pay per closing?
My basic strategy right now is to find a broker that has a home that is distressed, make an offer that would allow me to make a good profit, put some money in it for fix ups and list it back to the broker to have it sold.
If anyone could help me out with that strategy by adding ideas/methods, that would be great.