Newbie-- flipping.. help! - Posted by Dean

Posted by Dean on March 25, 2001 at 23:10:11:

Thankyou for all your help!

Newbie-- flipping… help! - Posted by Dean

Posted by Dean on March 22, 2001 at 24:35:03:

Hi, I have been reading everything I could from this site the past 8 months… I have also purchased Ron LeGrands Wholesale/retail cashflow system.
I have a few questions… I recently met someone who follows legrands materials, and he has informed me that because we live in such a hot sellers market, and that there are so few ugly houses, that flipping simply will not work. (This individual calls himself a transaction engineer and pretty well does a bit of everything in realestate) I live in Calgary, alberta which has seen properties skyrocket the past 3 years (we are considered similar to Denver Colorado, for you americans). I would like to know, am I wasting my time and money (which I do not have alot of) pursuing flips? I wanted to start with this, and then branch out to lease options and rentals…

Somebody please reply as I am kinda depressed about it, having spent the past 8 months on a daily basis studying it, and now not sure what to do!


Re: Newbie-- flipping… help! - Posted by SueC

Posted by SueC on March 22, 2001 at 21:24:51:

One of the old jokes in REI is that it works everywhere except where you are! Think about it: it’s working in New York City, in Los Angeles, in San Francisco for goodness sakes; why wouldn’t it work for you? I’ve had real estate agents tell me the same thing, but the reason they think it won’t work is because they don’t do it! It is just out of their mindset to think something creative can work.

Get out there and do it, once you get started and hone your skills, you’ll find it will work anywhere. You also might find that if the flps are too thin, you might not want to wait to do L/Os or other types of deals. Keep getting educated about the options you can offer motivated sellers, and the rest will come. Good luck!

Re: Newbie-- flipping… help! - Posted by Troy W. (NC)

Posted by Troy W. (NC) on March 22, 2001 at 10:17:32:

Ditto to what Martin said, if your a Legrand student like me, then if that person isn’t making 3 times more than what you are making then don’t listen to them or get what info you need and discard the rest. The are wholesale deals in every city where people have houses. You just have to find them. Locate some realtors and see what they can find for you. Talk to contractors, garbage men, etc, etc.



Re: Newbie-- flipping… help! - Posted by Martin

Posted by Martin on March 22, 2001 at 01:27:25:

Just because your doing flips that doesn’t mean the house has to be ugly. Yes, it would help if the house was in need of work and the owner was selling the house for peanuts, but lets say you found a seller that was in a hurry to sell because she took a new job out of state and needed to sell, so she could have the money to move and so she doesn’t have to worry about paying two mortgage payments. I would say that you might be able to get a good sale price on that house in order to flip it to an investor. I wouldn’t plan on making a huge profit on a deal like that maybe $1K or $2K tops. You need to find out for yourself if there are any houses that could be fliped in your area, don’t let someone tell you it can’t be done, because you just might find out they were wrong and make some darn good money doing it. Don’t get depressed about it just get out there and give it a try. I hope that what I have said helps.

Good Luck!