Posted by Newbie on September 04, 2005 at 14:03:48:
Ok,
Ive been studying the mobile home forums mostly here, but became interested in flipping recently. I understand using options on mobiles - is this sort of the same thing? So say in your second example -
FMV 100k. I could get an option to buy at 85k and then find a buyer that would pay 90k,95k, or whatever price I could get and sell him the option correct?
Thanks for clearing things up guys.
Difference between ‘flipping’ and ‘wholesaling’ - Posted by Newbie
Posted by Newbie on September 03, 2005 at 11:28:37:
Could someone clarify the difference between ‘flipping’ and ‘wholesaling’? I thought that they were the same thing, but they seem to be considered as different. Is anyone doing these types of deals? As I understand it, there is virtually little risk and no money put up by you.
Thanks for the help…
‘flipping’ and ‘wholesaling’ - Posted by JohnBoy
Posted by JohnBoy on September 04, 2005 at 08:49:24:
Flipping = Buy and Sell within a short period of time.
Wholesaling = Buy low and sell low.
Retailing = Buy high and sell high.
Wholesaling/Retailing = Buy low and sell high.
In any case, if you buy and resell within a short period of time you are flipping, whether you are wholesaling or retailing.
Example:
FMV $100k. You buy for $60k and resell for $65k for a fast profit. That is wholesaling.
FMV $100k. You buy for $85k and resell for $90k, $95k, $100k, or $110k. That is retailing.
In either case, if you do it within a short period of time you are flipping.
Wholesaling falls under the same category of flipping because it usually consist of buying and reselling within a short period of time.
Difference between ‘flipping’ and ‘wholesaling’ - Posted by luke-NC
Posted by luke-NC on September 03, 2005 at 18:53:27:
both are flipping
however, flipping can also mean the speed at which you sell a property you have obtained. Your profit could be small or large.
Wholesaling usually means flipping for small profits, buying and selling under value…
Re: Difference between ‘flipping’ and 'wholes - Posted by Gene Hacker
Posted by Gene Hacker on September 03, 2005 at 12:10:39:
I have always considered flipping and wholesaling the same thing. But the media seems to consider everything flipping.
Either way flipping or wholesaling to me is…putting the house under contract and then sell the contract to another buyer before you close on the contract.
I personally do not do these deals. My area is too small to do the volume to make it worth it. I usually do full rehabs.
Gene
Quick Turning? - Posted by Young Jedi
Posted by Young Jedi on September 04, 2005 at 14:18:10:
Good description, JohnBoy!
Just to mix it up a little; what is “Quick Turning”?
Is that just Ron LeGrand’s way to describe flipping?
Or does it have another meaning?