What is REALLY the best way? LONG - Posted by leslie-FL

Posted by jeff on May 04, 2002 at 14:51:05:

if your gonig to be signing a long term contract and them flip that contract, you need to also get releases signed by both your buyer amd yuor seller. you dont want any liability if something pops up in a year from now.

What is REALLY the best way? LONG - Posted by leslie-FL

Posted by leslie-FL on May 03, 2002 at 23:44:25:

What is REALLY the best way for an absolute beginner with no cash and bad credit to begin?

I?ve read respomses on this board from a number of experienced real estate investors who advise beginners who ask for guidance to start by flipping properties ? getting in and out quickly. They recommend that at the start, beginners flip houses - frequently the houses will be junkers - make a few thousand dollars on each transaction, and build up cash reserves.

Although this seems like sensible advice, I know I must be missing something. I would LOVE to begin QUICKLY to make a few thousand dollars on each transaction. But how can I do that when it will take me many, many weeks ? if not months - to learn to estimate very quickly what a rehab will cost? How can I determine what to charge another investor to flip a property to him when I don?t know costs and subsequently can?t tell whether I?m offering him a good deal?

Is there another area of real estate ? lease options, perhaps - where an absolute beginner with no cash and bad credit can flip a property, make a few thousand dollars and quickly go on to the next property?

Thanking you in advance for your help.

Leslie - FL

Re: What is REALLY the best way? LONG - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on May 04, 2002 at 16:50:02:

Leslie–(FL)--------------

You probably believe the myth that floats around that it is possible to get rich quick with real estate invseting.

How soon do you think you will be making money? In a few days, a couple of weeks? Probably not going to happen.

I suggest that you plan to spend several months studying up on real estate investing before you start to try to buy or get control of properties.

I suggest you plan to spend at least 4 or more months. I think the typically investor needs to spend about 6 to 18 months studying before trying to acquire properties.

I have a post which gives my suggestions for starting out. It can be found by putting in “beginners success” in the search function for the main bulletinboard forum of this CREONLINE.COM website.

Good InvestingRon Starr***

Re: What is REALLY the best way? LONG - Posted by Mike Daly (GA)

Posted by Mike Daly (GA) on May 04, 2002 at 13:21:11:

There is more to flipping than just finding junkers. Any kind of deal can be flipped – the idea is to find a good deal, put it under contract, and then assign your deal to an investor for an assignment fee. Or, you get a lease option agreement and then “flip” it to your tenant/buyer for an assignment fee – this gives you cash without having to risk staying in the deal and covering vacancies, repairs, etc. Read the archives for more info on this technique – it’s the one I’m focusing on right now.

Re: What is REALLY the best way? LONG - Posted by jeff

Posted by jeff on May 04, 2002 at 09:06:06:

flipping is generally the best place to begin. and id suggest this is your starting point. you can do L/O but the first part of that, the lease, you need to be careful. if you have no cash, how are you going to handle vacant months, repairs when they arise, taxes, and other expenses.

instead of offering a property to the buyer at a price, try to be cunning and let them say a number first. it may be way above yours. if not, then you can brnig your number into the game and try to work something out. if they insist on a number first, then yuor gonan have to come up with something. try to go high on this number and let them negotiate you down.

i would defintely suggest a course on flipping, there are several of these, try the one in the other post.

good luck

Steve Cooks books on flipping is a start ntxt - Posted by lis

Posted by lis on May 04, 2002 at 06:25:17:

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