I have a SFH to Flip - Posted by Kirsten

Posted by Deven on March 06, 2002 at 03:22:12:

Try filling out a sell your house form at www.uslandco.com and the other investors interested will call you.

I have a SFH to Flip - Posted by Kirsten

Posted by Kirsten on March 05, 2002 at 22:33:56:

Hello all,

I have a property under contract in a really good neighborhood and want to flip it wholesale to an investor FAST, rather than retail it myself.

1- What are the best and fastest ways to attract investors to this deal;

2- Once I find an investor, how do I actually go about assigning the contract to them or should that provision have already been placed in the Offer to Purchase;

3- Do you recommend I use a Promissory Note to make sure I am paid for my service?

Any help is always greatly appreciated.


Re: I have a SFH to Flip - Posted by Kristine-CA

Posted by Kristine-CA on March 06, 2002 at 13:46:41:

Kirsten: I advise placing an ad in the local paper and if it’s a small town, in the nearest metro area newspaper. You know, something like “Cheap Fixer” or “Handyman Special” or if it’s nicer than that, say so. I find that if you include the price, it generates more calls. If it’s priced right, you’ll get plenty of calls.

When you find a committed buyer, tell them that you will sell your contract to them for x amount of dollars. When you actually sell the contract with an assignment doc, you collect the money then. You are then out of the deal and your buyer must fulfill the obligations of the contract you initiated. Make sure your contract is assignable. If it says nothing about assignments, chances are you can assign it. But check with an RE attorney first.

I don’t know anything about using a Promissory Note.

Hope this helps. Sincerely, Kristine

PS I do not recommend using the website suggested below. You want to be working with people in the area who are interested in the house. There is a chance that an owner/occupant will be interested as well, not just investors.