Posted by JohnP S. FL on October 27, 2000 at 21:56:57:
Eloise,
Contact the owner and see if they want to sell. Put a contract on it, give yourself plenty of time to close and find a buyer and close with their money. I would go to your local RE club and see what title company is investor friendly. I would make contact with them and tell them what you are doing.
I hope this helps.
JohnP
I need help Flipping properties for cash - Posted by Eloise (NY)
Posted by Eloise (NY) on October 27, 2000 at 21:12:19:
Hi
I’ve been reading this board off and on for months and the information is’nt sinking in. I think is because I’m reading too much information at once. Reading this board I have realize my short term goals. I need Cash to get me started into other methods. Flipping properties for a cash seems like a good place to start.(Tell me if I’m wrong) I need more information in this method. Where I live there are a lot of abandon and boarded up houses some has hud name on them and some don’t. I’ve been looking at this property in my area for months it’s a broaded up house and dosen’t have huds name on it. it’s in the middle of the block where all the others houses on the block are fine. I went as for as having the deed researched and finding out who had the last morgage on the house. But now I’m lost what should I do next. Please help…
Re: I need help Flipping properties for cash - Posted by GIO
Posted by GIO on October 31, 2000 at 01:33:17:
all this advise sounds easy - it’s not .
not because its difficult to understand but the difficult part is pushing yourself All The Time, because the competiton is strong anywhere you go and the 1 of 10-20 times it works it should pay off.
You need to dedicate the TIME. I buy in NY - if anything should come up - consider me - i am also an agent. E-mail me if i can help.
GOOD LUCK
gio
In addition… - Posted by SCook85
Posted by SCook85 on October 28, 2000 at 09:54:20:
to what everyone else is telling you, you need to be out there finding more properties. Most likely if you are banking on this one property you are setting yourself up for disappointment. Only about 1 out of 10 offers ever gets accepted when you are pursuing these types of deals. If this isn’t the one out of the ten you will have put a lot of time into this one home and have nothing else in the works if it doesn’t come through.
Always keep your pipeline full, if one deal falls through have another waiting.
Good Luck!
Steve
Re: I need help Flipping properties for cash - Posted by MIKE - LEHIGH VALLEY
Posted by MIKE - LEHIGH VALLEY on October 28, 2000 at 06:06:55:
As Al and John have stated, the first thing you need to do is to find the owner. Next, find what they want as far as purchase price. Then, you need to do some calculations to see what’s the top price you can afford and still make a profit. You should also know if you are going to wholesale or retail the property. This will also have an impact in my calculation as to what I would offer. This calculation will be put into perspective once you know what other houses sold for in that neighborhood. Hope this helps. I am also a newbie in this game, this site in an excellent source for info, and has helped me decide to get into this business.
Mike
Re: I need help Flipping properties for cash - Posted by al
Posted by al on October 27, 2000 at 22:43:30:
Hi Eloise,
Once you find the owner, find out what he needs($$) to take this abandoned property off his/her hands. Then give him/her an offer low enough for you and your investor to both profit. If he accepts, whip out your purchase contract (make sure you have the right to assign contingency on the contract,closing date is at least 30 days away, subject to your partners approval and isnpection, the right to access property, right to place sign on yard etc., etc…)and have him sign it then and there. You now have this bad boy tied up!
Now you could do several things to find investors.
Advertise in your local paper that you have a " fixer upper" for XX amount of dollars, all cash deal and the ability to close quickly. This will have all the investors calling you.
You can call all the " I buy houses " ads in the paper.
You can visit your local REI club and network like crazy.
Don’t settle on one investor, allow all of them to see your property then take the best offer.
You then can either do a simo close or just assign your contract for a fee.
Assigning your contract is the quickest and most hassle free if your a newbie.
Hopes this helps.
Sincerely,
al