Re: Flipping - Posted by Pavon Bailey
Posted by Pavon Bailey on February 10, 2000 at 14:32:25:
What I would’ve done first is read the Classified ads and called the ads under the “We Buy Houses”, “Real Estate Wanted”, “Wanting to Purchase”, etc. Find out their criteria for buying houses. THEN go out and tie up the house under a contract, call them, and say that you found a house that matches their criteria. Ask them if they would like to see it. Chances are, they will because you did all the legwork for them.
Since you have a house tied under contract, finding someone to buy it may be a bit more difficult, but it can be done. I have investors lined up to buy a house, but I don’t have a house to sell to them YET! smiles Anyway, if something goes wrong and you can’t close, guess what happens? Lawsuits? NO! Threats? NO! All the seller can do is keep your earnest money deposit, that’s it. You may lose $10-500 (depending on how much you put up as an earnest money deposit), but it’s a lot better than tying up $90K or $100K for a house that you can’t sell.
I know that you will do fine because you have hope. At least you have a house to sell to make that killer profit. I have buyers lined up, but nothing to sell. I’m trying to find a house for them. (hee hee!!!)
Good luck and happy investing!
PS: Look under Jackie Lange’s article “Beginner Quick Flip Primer I and II” That article will help a lot!