Posted by wpage on March 11, 2002 at 13:26:02:
With friends like you who needs enemies. You want to make a profit off your friend? I guess its not a close friend or maybe they won’t be after this!!
Can this work for real?? - Posted by Trisha(NC)
Posted by Trisha(NC) on March 10, 2002 at 21:21:44:
I have a friend who is looking for a house and I am wondering, since she has already been pre-qualified for 65k loan, could I go out and help her find a house, put it undercontract and then flip it to her? Is there a problem in doing that? How would it work seeing that she has to get the loand? And how can I be sure to get my profit? Also I ran into an investor and I took him to a house that I had under contract. He said that I should not have put the house under contract and that he would just pay me a finders fee. I said not cause, I had to do a lot to get the price to where it is now and that I would not be assured that you would pay me. At least, with the house under contract, I have contol, and I don’t think that I should give that control up. The house apprasied at 75k and i and I talked him down to 52k is 5k a good profit for me for this flip?
Trisha
Re: Can this work for real?? - Posted by RC
Posted by RC on March 10, 2002 at 22:02:37:
Trish,
It can work for real. Do you have buyer “or assigns” on your contract ? If so then you can easily assign it to your investor.
As for the profit…any profit can be considered a “good profit” - how much time did you put into this deal? 10 hrs = 500 per hour so you tell me is that a good profit?
Keep it up - good luck
Re: Can this work for real?? - Posted by B Dixon
Posted by B Dixon on March 11, 2002 at 10:44:45:
Yes it can work, you just did it. Now as for the investor, be careful, the sharks will steal your deal if it’s not under contract and they manage to get the address. That was a good move. To help your friend you can do the same thing. Find a decent house for @50-55k, then put it under contract (assignable of course), then flip it to your friend and keep the difference. Make sure they can close within a reasonable amount of time and you’re golden. Looks like you’re off to a good start.