Posted by jim in indy on December 29, 2000 at 12:07:38:
Thanks for your reply. Forgive me for my ignorance, but how do you set up and contract an assignment?
flipping to other investors - Posted by jim in indy
Posted by jim in indy on December 28, 2000 at 10:08:46:
I am new to REI, and am interested in flipping a few deals to get started and build up some capital. I know of two other REI in my area. My questions are: What is the best way to approach these investors? Should I find properties and then contact them or should I contact them first? When I do a flip deal, is the closing simultaneous?
I have no idea where do begin. Any advice from you veterans would be greatly appreciated. Thanks in advance.
Re: flipping to other investors - Posted by Ed Garcia
Posted by Ed Garcia on December 29, 2000 at 18:36:50:
Jim,
If you intend to do a deal of any kind, you always tie it up. You certainly don’t want to show the buyer that you intend to flip the property to the deal, you may endanger yourself to circumvention. After you tie up the property, you can show it to who ever you want.
When you write up your offer or contract, you vest it in your name or assignee. This allows you to sign your deal to another party, take on a partner, or put in under an LLC ( limited liability company). If you desire to continuously flip. Then I would have constant ads running for buyers. As I accumulated these so called buyers, I would work with a mortgage co. to pre-qualify them.
I hope this helps,
Ed Garcia
Re: flipping to other investors - Posted by R.Barr
Posted by R.Barr on December 29, 2000 at 11:31:51:
You should contact the investors first. Find out what type of properties they are looking for and then go looking for that type of property. You don’t want to tie up any house that no one wants. Also, I think the best way to flip property starting out is an assignment to the investor. Not a simultaneous close.