Posted by Rodney Walker on April 13, 2002 at 12:39:56:
I am seeking to buy a home in the detroit area, to live in, how can you help me
Flipping properties??? - Posted by Rob
Posted by Rob on February 19, 2002 at 18:53:49:
I read aricles where people said you first have to set yourself up with a list of people you can contact that may be interested in buying a property from you that you just put under contract. How do you get this list started? Do you just call up wholesale buyers and ask them if you can put them on your list and contact them when you find properties??? If so, how do you find these buyers?? I’m confused with this process and any feedback would be greatly appreciated. Thank you very much.
-Rob
Re: Flipping properties??? - Posted by JoeKaiser
Posted by JoeKaiser on February 20, 2002 at 06:08:07:
Rob,
I’m convinced the guys in the “RE Wanted” section of the classified ads are not the guys you should be calling. Those guys are out to make every last nickel in the deal (including yours). I speak from experience . . . I run an ad, too.
It’s great to have a list, but it’s not something that happens overnight. Nothing good in this business happens that way. You develop a list, over time, by marketing the properties you’ve tied up, selling them to “real” fix up guys who, as a result of purchasing from you, have a proven track record . . . they have cash and they perform - add them to your list.
Eventually, you’ll have a handful of solid, proven buyers who have access to cash, can close quickly, and if you know what you’re doing, will write you a check on the spot. Not so bad . . .
Now, for the “know what you’re doing” part, I suspect you’ll have to buy a course or two.
Joe
Re: Flipping properties??? - Posted by rob
Posted by rob on February 20, 2002 at 12:11:44:
Hey-
Thank you very much for your response, I really appreciate it. I just have a quick question for you. When you said that you market the properties you “tie down” does that mean that you have put that particular property under contract? Can you also look at a property you find appealing and before even making an offer ,call buyers tell them about the property and ask them what I would need to buy the property for in order for them to buy it? Can you do it both ways or do you generally have to put a property under contract before even calling the buyers? Thank you for your time and feeback.
-Rob
Re: Flipping properties??? - Posted by JoeKaiser
Posted by JoeKaiser on February 20, 2002 at 14:36:05:
In a word, no.
You have to earn your profit by learning the business and providing a valuable service. As an investor, you coming to me with a house for sale that you know about is worth zilch to me. What have you got to sell me? Nothing!
Telling me about a house for sale is almost meaningless. It still requires me to do all the heavy lifting.
Bring me a signed off purchase and sale contract and you’ve got something tangible to offer . . . something I can take a look at . . . something I can actually pay you for.
How cool would that be?
Think about it . . . you come to my office with a signed off purchase and sale agreement, the rest of the stuff, and you leave 20 minutes later with a check for a couple grand. How to pull that off is what you really need to know.
Joe
Re: Flipping properties??? - Posted by Stacie
Posted by Stacie on February 20, 2002 at 12:54:07:
He didn’t say “tie down” he said “tied up”
Re: Flipping properties??? - Posted by preston
Posted by preston on March 29, 2002 at 13:27:04:
I wholesale properties in the Metropoitian Detroit area. I would like to know if you buy properties here?
Thanks Preston
Re: Flipping properties??? - Posted by Rob
Posted by Rob on February 20, 2002 at 13:58:56:
Sorry about that…“tied up”… my question still stands…so if anyone can respond I would be very appreciative. Thank you
Rob