Posted by Joe Kaiser on November 29, 1998 at 23:11:39:
In simple terms, you put a deal together with the expectation of selling it to a wholesale buyer (quickly = cheaply). Think it through and be smart enough to take care of whatever problems your “flip” will have to deal with.
Now, offer it for sale. You don’t run “investor wanted” ads or call on ads to find investors, you sell cheaply, they come out of the woodwork and you simply make a list. Next time, you just go down the list. Easy.
Tie it up, flip it quick and you’re on your way. I’d say you’ve easily got room for 10k or more here. Plus, I’d build in a discount on the carryback, those wholesale investors like to fix up and sell for cash, meaning she’d likely be paid off in no time. Figure out a way to get a “early payoff” discount in there and figure out a way for it to end up in your pocket (the tricky part . . . but not too tough) and you’re set.