Flipping!!!!!!! - Posted by Lynne

Real Estate Investing
#1

Posted by Terry (Houston) on February 18, 2001 at 22:55:48:

The question, as I read it, is that she is a beginner trying to learn the ropes.

I know a lot of people that make a great living flipping properties. So it is not so unbelievable but I don’t think Sheets is going to cover it.

And, if done correctly, she should not have to use this money to invest in good areas.

Taking a property subject to or lease option doesn’t cost much, if anything, at all. Then there is always OPM that is great to use.
That may be a little further down the road however.

Hope this helps and happy investing!

Terry

#2

Flipping!!! - Posted by Lynne

Posted by Lynne on February 18, 2001 at 22:12:42:

I just recently finished Carlton Sheets “No Down Payment” course and have decided I’d like to spend my time as an investor flipping properties instead of focusing on rental units. What should I do to get started and how can I avoid major mistakes as a novice? Please help – SOMEBODY — PLEASE GIVE ME SOME ADVICE. Thanks
Lynne

#3

Re: Flipping!!! - Posted by Terry (Houston)

Posted by Terry (Houston) on February 18, 2001 at 22:19:02:

Get a course on flipping properties!

Bronchick has a great one called “Flipping Properties”

Get to know your area and the investors in your area.

Find the local REI club and find out what they are looking for and what type of deals they can take care of. What are the ratios they are looking for and buy below that.

Make sure those who you work with those who can finish the deal or you can get stuck pretty bad.

First :

read everything you can here on this board and then reread it.

There is a lot of info that can take you a long way.

#4

Re: Flipping!!! - Posted by JimN

Posted by JimN on February 18, 2001 at 22:38:40:

It is unbelievable to flip properties for a quick5,10,15k to create cash but you must also understand that the key to wealth is long term holding in the appreciating markets. I am not trying to dissuade you from wholesaling properties, just understand that you’ll be using this money to invest in the good areas for long term growth.

#5

Re: Flipping!!! - Posted by George

Posted by George on February 18, 2001 at 23:36:56:

Agree that is important to create long term income, now, I think the first goal for anybody getting into real estate is to create fast cash! It increases confidence, plus you can become debt free.

Also, it gives you the chance to go full time faster, therefore you can find more propeties, flip some, keep some…