Richard,
Sorry. I even remember thinking “was that a woman or a man” when I wrote the post, but was too caught up in getting the correction posted to go back and check. Happy to have helped a bit, though.
Maggie
FInding investors to flip to - Posted by RichardWA
Posted by RichardWA on April 14, 2000 at 14:55:02:
Ok, being the typical newbie investor, with not much money, income, or credit, flipping properties seems to be one of the best ways to start. Find an investor who is willing to buy wholesale, find properties that meet the investor’s criteria, tie up the property, and flip. So far, so good. I see a lot of stuff on here about how to find the right properties to flip–marketing, ads, direct mail, and so on.
But I havent’ seen much about the other key–how to find investors to flip to. What’s the best way for a newbie to find these investors? What’s worked best for you?
Calling on newspaper ads and We Buy Houses signs is a good start. Also if there is a local REI club in your area, make sure to attend and do some networking.
There is a money making idea entitled “How to Find Investors and Hard Money Lenders” here on CRE. I have used this as well as the other strategies above to build a database of about 60 or so investors in my area.
Re: FInding investors to flip to - Posted by JoeB(Atlanta)
Posted by JoeB(Atlanta) on April 14, 2000 at 16:38:59:
Hi Richard, another good way to find wholesale buyers is to go to your local real estate auctions (both public: foreclosure, tax deed sales, etc. and privately-held RE auctions) and get everyone’s card. Chances are that the real players are there.
You should be finding SELLERS who’ll sell to you wholesale, and BUYERS who will buy from you at retail. YOU are the investor. If you sell to an investor who only pays you wholesale, where do you get your profit?
I don’t think she is wanting to do retail properties right now. She’s asking about FLIPS, in which you as the investor buy a distressed property for very, very low and then sell it to someone willing to rehab it and sell retail. Your profit is in getting paid for your service to the end investor doing the rehab; you get paid for doing the leg work: bargain hunting for bargain hunters. By buying extremely low (b/c the property is bad shape), you can still sell low to an investor, offering a built-in profit margain for them when they fix it up and retail it to an owner/occupant.
Posted by RichardWA on April 15, 2000 at 17:35:11:
I notice Maggie keeps referring to me as “she” in her post. While it’s true that I have frequently been mistaken for female many times, online, in the real world I am most definitely a “he”. Either that or I’m so good at impersonating a male that I even fool myself. Ignore those rumors about me wearing skirts and high heels.
Thank you
–RichardWA
p.s. Maggie, despite one little error, thank you for correcting the gentleman about flipping. I just needed to correct the correction! I really appreciated your post!