Posted by Heather -Tx on January 21, 2004 at 01:05:34:
That is hard to answer… easy compared to what ??? Compared to fighting in the war, oh hell year =) Easy as getting a date online nowdays ? Probably not! Hah
It all depends on what you compare it too. I have only been in the business for a year or so , so can only advice what I have found. I have done 2 Rehabs, one sold one up for sell now, a few birddogs, and closed on my first flip 2 weeks ago. I must say the flip was SOOOO much easier than a rehab! 5-6 hours of wortk netted me 5K. Not as big of a cashback as a rehab… but rehabs are VERY time intensive… we arent talking hours we are talking weeks and mostly months. Taking that 5K I became convinved. If it isnt a home REAL close to me and over 90K I’m gonna flip… that $$ is just too easy. your milage may vary.
Question about flipping and double closing. - Posted by Brandon
Posted by Brandon on January 20, 2004 at 23:49:27:
This may be a stupid question, but I thought I heard that in a flip deal, the seller should not be at the double closing with the new buyer of the house. Is that how it usually is?
Also, I know this is a pretty general question, but everyone always makes flipping out like it is so easy to accomplish. Is this really true? I’d love to hear some personal experiences.
Re: Question about flipping and double closing. - Posted by Redline
Posted by Redline on January 21, 2004 at 24:24:02:
In simple terms, there are two ways to do it.
Double/Simultaneous close. You got house under contract from seller and find a buyer to flip to. Your buyer comes to the close (or deposits his money into ecrow) at 1PM. You meet your sellers at 1:30PM and use that money to pay them. Once they leave, attorney cuts you a check for the difference, less fees. Your buyer gets deed. You buyer never knows what you made. Your seller doesn’t know you just resold. Like the song says “You gotta keep 'em seperated”. Bada-bing.
Assignment. You got house under contract from seller and find a buyer to flip to. You call up your investor friend and tell him you’ve got a deal to flip to him. Your contract already allows you to assign this deal to someone else, so no sweat. He takes your place in the deal and closes with seller. He then pays you your “fee” (whatever you two agree on). Bada-boom.
If you’re a total beginner, I would suggest you flip a deal via an assignment instead of a simultaneous close. It’s a little easier.