Posted by Juan on July 12, 2002 at 11:29:22:
Todd,
Give yourself as much time as possible. I usually get 30 days.
As for a contract you could try your local office supply store, realtor or a fellow REIA member.
Hope that helps,
Juan
Flips and Advertising - Posted by ToddK
Posted by ToddK on July 11, 2002 at 08:21:54:
I am new to rei. I have done a couple of lease/options, but I would like to have a way in which I can give two offers.I figured the best way to do the second non Lease/Option offer would be with a flip scenario. I understand the basic concept (Put in under contract and assign the contract) but I am having trouble reconcilling this idea with the proposed advertising that I have seen. Such as “We Buy Houses - Cash, close quickly, etc” If you are doing a flip you are not buying cash are you? Or can you say that becasue the investor you flip to will likely buy with cash? Also where can I find a good contract to do flips with? Or, does someone recommend another way that I can make “cash” offers other than with a flip in mind? I don’t have 75K in my wallet in order to offer cash. Also, I am not really ready to try to find contractors, etc. and do rehab. What I would like to be able to do is take the houses that I buy for cash and sell them on a lease/option, but I would need to have the house financed in some way first. Any suggestions would be greatly appreciated.
Thanks
Re: Flips and Advertising - Posted by Dwan Bent
Posted by Dwan Bent on July 11, 2002 at 23:05:12:
Hi Todd,
When making “cash” offers it is important to realize that that does not mean you have cash. It means your offer is not contingent on financing. Therefore, you can make cash offers and flip or do what we do… close with hard money. Hard money lenders loan money based on the deal… not the person. If you are getting a good enough deal, any lender will give you money.
We use a simple “Assignment Of Contract” to do our flips.
Another option for you instead of financing lease options is to get the homeowner to deed you the property and use the loan that is pplace instead of securing a new one.
Good luck to you.
Sincerely,
Dwan Bent
Re: Flips and Advertising - Posted by Juan
Posted by Juan on July 11, 2002 at 21:10:40:
Todd,
When you are flipping, you are merely controlling the property. You can use a regular sale/purchase contract with your seller and use another sale/purchase contract
with your buyer. I do this while advertising “We Buy Houses Cash”, just not my cash.
Good luck,
Juan
Re: Flips and Advertising - Posted by Clair-MO
Posted by Clair-MO on July 11, 2002 at 09:35:04:
Todd, I would suggest in advertising for “private money investors” in weeklies under the section “Money Wanted” or the Sunday newspaper in the same section. Use the ad: “Money needed to buy real estate properties will pay 10 to 12% interest. Call:123-345-6789.” You need to do some research in the archives on creonline for different aspects of REInvesting. If you are needing money look under “merle” or “private money investors” you will find a complete system from a “pro” who has refined this system.
Re: Flips and Advertising - Posted by ToddK
Posted by ToddK on July 12, 2002 at 07:34:39:
Thanks Dwan,
When you close on a property with a hard money lender, are you dealing mainly with properties that need rehab? If not, why would one actually close on the house paying closing costs, etc. when they could just flip it. I am dealing mainly with houses that do not need a lot of work. Would you still suggest closing with hard money? Thanks for the insite.
Todd
Re: Flips and Advertising - Posted by ToddK
Posted by ToddK on July 12, 2002 at 07:28:36:
Thanks Juan,
Do you know where I can find a good contract? Also, how long do you give yourself in terms of closing in order for you to turn around and flip the property?
Todd
Re: Flips and Advertising - Posted by Dwan Bent
Posted by Dwan Bent on July 13, 2002 at 24:16:25:
Hi Todd,
If you are flipping properties, most likely you won’t need hard $$. However, it is great back-up if your buyer flakes off at the last minute. You don’t to lose your deal over it.
Hard $$ loans are based on equity… not amount of rehab needed. Check with your local REIA to see who is lending on your area.
I love to wholesale. Let me know how you’re doing and if I can offer and advice.
Best of luck.
Sincerely,
Dwan Bent