Flipping - Posted by Mickey

Posted by Joseph Zimny on September 07, 2003 at 20:47:40:


What part of the country are you in? I have flipped several properties in the past few years. I typically use a number of techniques. In some cases, if I’m confident I can move a property, I simply purchase a 60-90 day option from the seller. This requires a bit of earnest money but doing it this way saves me time. If / when I do sell, I do a simultaneous closing, which is very efficient.

I have also used the lease/option technique, which gives me the right to either assign the lease or sell the property out-right on another L/0.

I have also simply purchased a property out-right in the traditional fashion and then sold it again within a prescribed period of time.

The point is that you can use many different techniques to gain control of the property for a limited period of time you feel you will need to quickly sell. However, you must ensure that you have an ‘out’ (the option) or are willing to hold the property in the medium-term (L/O) if the property doesn’t move.

good luck.

Flipping - Posted by Mickey

Posted by Mickey on September 07, 2003 at 20:39:31:

I currently own 10 rental homes. The market here has become very competitive and I am thinking of changing strategies. I have been reading about flipping properties. I can find the deals. Can someone tell me how you contract the house for the length of time you need to sell it. How do you close on it and how many closings are there? What contracts to use. I need some more info, I have a house in mind right now. Also is there a minimum you should look for when you flip a house? Like $5K. Looking for feedback. Thanks

Re: Flipping - Posted by Brenden Mulhern

Posted by Brenden Mulhern on September 08, 2003 at 20:04:36:

Well you should look for a 10K margin to cover any problems and use the equity in you properies to purchase the properties