Posted by Bryan-SactoCA on August 18, 2003 at 02:00:12:
Does anybody else have any opinions on Roop? What about the “Penturbia” website he links to under “Life and Times of Richard Roop”?
Beginner in need of advice - Posted by Margaret
Posted by Margaret on August 16, 2003 at 01:35:09:
I have been studying about the business on my own for a long time, and I’m ready to get started investing. My problem is financing. I would like to start by buying and flipping properties. Is it possible to get 100% financing for this kind of deal?
P. S. Please don’t advise me to attend a seminar. I HAVE NO MONEY! That’s why I want to try flipping, so that I can make the money needed to attend seminars and make down payments on good income producing properties.
Re: Beginner in need of advice - Posted by Daniel
Posted by Daniel on August 20, 2003 at 08:34:17:
Hi Margaret,
I know that you aggressively investigating Real Estate, but I’m curious as to whether or not you might be open to another source of residual income.
Robert Kiyosaki always talked about network marketing as a great way to build positive cash flow, and myself and some others are working on building B-side businesses with network marketing in the Telecommunications Industry. You seem like the sort of person that would be well-suited to this.
If you’re interested in looking into this, let me know.
Take care…
Daniel Lehman
Re: Beginner in need of advice - Posted by Brent_IL
Posted by Brent_IL on August 16, 2003 at 10:49:47:
Margaret,
You aren’t quite at the making offers stage yet. 100% financing is irrelevant when going traditional flips. The financing is up to the person you are flipping to. Your job is to make sure there is enough profit left in the deal after you get paid for your contract to make it worthwhile for the flipee to pay you. I’d recommend spending more time in the archives. You can’t beat the price, and it is much less painful to learn from the mistakes of others than it is to learn from our own. Trust me on this. Anyone can run out and make offers. Some of them, however unlikely, will be accepted. Winging-it results in chaos and financial disaster.
Getting profitable offers accepted is a learned process and you?re in the learning stage.
Brent
Re: Beginner in need of advice - Posted by Maxx(TX)
Posted by Maxx(TX) on August 16, 2003 at 07:56:05:
You dont need financing if you flip. You get it from the Owner then flip it to another Investor or Homeowner. Hence, you dont need to get financing.
What type of flipping you intend to do if u want to find financing?
If you intend to buy it from the Owner, rehab it yourself, then turn around to sell it to a Homeowner, then you can get HardMoney Lenders to finance the properties for you. They are asset-based not credit-based.
However, nobody does business for free. Even hardmoney lenders require some points (perhaps upfront sometimes) prior to funding. Please research that further.
Have you read Flipping Properties by Bronchick? It’s an awesome book. See if you can find it in your library.
Re: Beginner in need of advice - Posted by Dolf
Posted by Dolf on August 20, 2003 at 11:28:44:
Dear Private Lehman:
Please stop using your United States Marine Corps e-mail account for unofficial business! And please, no more bullspit about mlm! I hope you don’t have a government-issued credit card!!
Re: Beginner in need of advice - Posted by Bryan-SactoCA
Posted by Bryan-SactoCA on August 16, 2003 at 19:37:54:
What keywords should I use to search the archives-“flipping” or “wholesaling” is too broad, considering the amount of info in the archives. I’ve read Bill Bronchick’s and Steve Cook’s books, but I still feel that I don’t know enough.
Re: Beginner in need of advice - Posted by Daniel
Posted by Daniel on August 20, 2003 at 11:39:17:
Private lehman? ok…
first off, everyone here uses their email adress for personal and business related items. I dont know anyone who doesnt. Second, if i am trying to help someone out to get some passive income, what is the problem with it?? if you think what i said about robert kiyosaki endorsing network marketing is “bullspit” as you put it, you are out of your mind… there are several times in several books that he mentions it as a great way to get a positive passive income. And i maxed out my government credit card a long time ago… you know us “privates” dont get paid too much… thanks for the input
Another source - Richard Roop - Posted by Brent_IL
Posted by Brent_IL on August 17, 2003 at 11:34:31:
I went to Richard Roop’s website for the first time last night. There is a tremendous amount of excellent information in different formats available. My advice is to browse at www.richardroop.com to see what you can find.
I don’t sign up for many newsletters, but I added his to the list.
Re: Beginner in need of advice - Posted by Brent_IL
Posted by Brent_IL on August 16, 2003 at 22:47:45:
Your right, the search is broad. I’d start with a word that represented a question that I had and work from there.
In my mind, I categorize flips into financial flips, where the terms of sale are the most important, and property flips where the state of the house and the purchase price are primary.
There is much information contained in the books that you’ve read. If you feel that you don’t know enough about wholesale flips, it could be that your background is not in areas that would help in rehabbing. I know I don’t do rehabs because, although I know the theory, I still can’t recognize what has to be done. Nor can I estimate the costs involved in any but minor rehab work.
If that’s the case with you, you’ll have to wade through all of the general posts to learn what you need. It?s worthwhile because it might save you from grief later on. If you have specific question, there are experienced rehab posters who frequent the main board and can answer your questions. Ron Guy is the first one that comes to mind, but there are many others that will help. They don?t come here to lurk; they come here to share what they?ve learned in the hope in will help others.
If you want the fast track, hire a general contractor to come with you to look at several places and explain things to you as you go along.