taking the plunge, need clarification on flipping - Posted by fin

import · June 15, 2003, 12:06pm

Posted by Terry Vaughan on June 17, 2003 at 10:07:59:

Picky! Picky!

import · June 15, 2003, 12:06pm

Posted by fin on June 15, 2003 at 12:06:39:

we have good credit but both of us are not working (he got tired of his job) and have very little savings. We want to start our real estate investment career but we need some cash to cover next month expenses.

I understand that you can ‘flip’ a property by securing a purchase contract with a seller with a clause like ‘subject to partner approval’ and sell the contract to an investor/rehabber for a fees ($3 to $5 thousands) without having to commit yourself to any kind of mortgages and being able to walk away from it if you can’t sell the contract. Is my understanding correct?

Also, our lease will expire in October and since we are first time homebuyer we want to take advantage of the special loans programs and therefore i do not want to commit to any mortgages right now.

My longer term plan is to find some good rental properties for positive cash flows and may be some rehabbing but we need some cash soon for the upcoming rent and bills. We live in the greater Philadelphia region. Any suggestions? Comments?

fin

import · June 16, 2003, 11:11am

There is One possibility! - Posted by Terry Vaughan

Posted by Terry Vaughan on June 16, 2003 at 11:11:35:

Fin:

Go to the Library or used-book store. Look for a copy of a book written in the 80’s by Robert Allen, entitled “The Challange”.

It is the documentation of several families and couples who were taken out of the unemployment line in Indianapolis and taught the basics for real estate investing, with the goal of making $5,000 with in 30 days. ALL of them succeded!

How do I know this to be true? I had the pleasure of meeting several of them (after I had read the book) several years later, when I worked with Bob in Carls Bad, California.

It will take three things for you to succeed, as they did:

Determination - (no matter what happens you cannot lose sight of your goal!)
Perseverience - (many obsticals will block your path - you must MOVE PAST THEM!)
Knowledge - (you must educate yourself and learn to think as dealmakers think!)

You have started down the path, there is no going back, now you must continue to make mistakes until you get it right. Your lives will be improved beyond your wildest imagination, if you will not be turned from the journey you have begun.

I would also look at doing “mobile home” or "lonnie deals for the quickest cash. Here are a few links that will help you get started:

http://www.creonline.com/wwwboard/messages/arc_2002/arc_05/5344.html
http://www.creonline.com/articles/index.html
http://www.creonline.com/mobilehomes/wwwboard4/index.html
http://www.creonline.com/success-stories/index.html

Hope this helps - the rest IS UP TO YOU.

import · June 15, 2003, 11:17pm

going to be homeless need help! - Posted by heidi

Posted by heidi on June 15, 2003 at 23:17:16:

hi fin,

you and your husband better get off your a__! and get a JOB!! or you will be homeless!! WHAT ARE YOU THINKING!!
you have no experence as a real estate investor! you have NO rental properties with cash flow
of $2000 plus per month!! You have a few dollars in the bank! WAKE UP SMELL THE COFFEE!!

Heidi

import · June 17, 2003, 1:21am

Re: There is One possibility! - Posted by Alex F. (CA)

Posted by Alex F. (CA) on June 17, 2003 at 01:21:08:

Hi Terry,

Good post. It’s Carlsbad, CA…not Carls Bad. I thought you are from San Diego =)

Alex F. (CA)