Jackie...Any tips for starting in a big city? - Posted by Meg (Chgo)


#1

Posted by Jackie in Dallas on January 07, 1999 at 22:12:19:

No, I’ve never been stuck with a property - and I’ve never had to tell a seller that my partner did not approve the purchase. I know what my “partners” won’t buy and I simply pass on those kind of houses.

When I write the contract I use an escape clause, “contract subject to inspection and approval of the property by Buyer’s partner” If I cannot find a buyer for my contract then I have a way out.

My “creative way” to avoid problems is - I’m honest with the seller and tell them one of my partners “may” take title to the property. It has never been an issue and never caused a problem. I’m dealing with very motivated sellers that just want SOMEBODY - ANYBODY to take the house - they don’t care who it is.

And if I’m just the person that will help them get to the person that will actually buy they don’t care - really!

JP’s getting the next article tomorrow.


#2

Jackie…Any tips for starting in a big city? - Posted by Meg (Chgo)

Posted by Meg (Chgo) on January 07, 1999 at 01:24:11:

Hi, Jackie!

I have really enjoyed your article and all of your postings so far. Keep 'em coming!

I live in Chicago, and travel to Milwaukee on a regular basis. I would like your input on beginning flipping in large cities. Maybe I’m just nervous with starting on properties that are way out of my league, and getting stuck with one that I’m not able to pay for. Any tips? Or should I try to find a smaller area with lower prices at first?

Thanks for your input,
Meg

P.S. I think your idea of posting a copy of your 23k check would be a definate inspiration!


#3

Re: Jackie…Any tips for starting in a big city? - Posted by Jackie in Dallas

Posted by Jackie in Dallas on January 07, 1999 at 09:50:22:

I’m in a big city too so I understand how over whelming it can be. When I first started I would drive all over town chasing deals - I quickly realized that I was spending more time in my car driving from place to place than actually looking at houses and, more importantly, talking to motivated sellers.

Sure there are some great deals on the other side of town - but there are plenty in your own backyard too.

So start by picking an area within a 10 - 15 mile radius of your home and concentrate all your efforts in that area.

In my next article, which JP will get this week, I’ll detail what you need to look for.


#4

Re: Jackie…Any tips for starting in a big city? - Posted by Meg

Posted by Meg on January 07, 1999 at 17:35:46:

Thank you for being so helpful.

Have you ever gotten stuck with a property? I think that’s the biggest fear that I’m working with. I don’t want to get stuck with a contract that I can’t fulfill. Also have you ever lost a contract because the seller found out you wouldn’t be the one actually purchasing the property? Or have you found creative ways to avoid this information comming up?

Looking forward to your next article,
Meg