Newbie trying to flip property that I found, but don't know the proper procedure. - Posted by K.Williams

Posted by Chameleon on February 17, 2000 at 21:47:17:

Plain and simple, you just need to buy a course. You jog from message board to message board with the same
questions about flipping. Do you really think that people won’t know who you are just because you have so many aliases? I’ve counted 6 or so already. Nobody says you have to spend $500, there are courses for almost every budget…look around and good luck to you----->KFB, Michelle, K. Brown,etc.

Newbie trying to flip property that I found, but don’t know the proper procedure. - Posted by K.Williams

Posted by K.Williams on February 17, 2000 at 18:01:41:

Hi,

I need some help. First of I don’t have a course to help me with flipping this property. I just need to know what are the procedures in flipping property. I found a 2 flat old run down building ready for demolishing. The seller has a for sale sign placed on the outside on front of the building with their name and phone number of who the contacts are. I am a newbie and I need to know what should phone conversation be about. I mean what kind of questions would I ask and if the seller decides to let me buy the property to flip, how can I locate a rehab investor in that area? And where would I find a title company to do a quick closing? I really want to flip this property and it is in a very upgrading neighborhood where condos and new schools are being built. I thank everyone on their advice.

K.Williams

P.S Also how would I get the seller to place the property under a “risk free” contract?

Re: Newbie trying to flip property that I found, but don’t know the proper procedure. - Posted by JoeB(Atlanta)

Posted by JoeB(Atlanta) on February 17, 2000 at 21:19:42:

Hi K., sorry–there is no quick ‘here are the procedures to flip’ when you don’t have any background or courses on the subject.

You’ll need to talk to the seller about his motivation, figure out market value, figure out exit strategies, establish amount for repairs, figure out exactly what your final investor would want to know, negotiate all this, use proper contract and stips, find attorney/title company to start process, then find these final investors to flip it to, etc, etc.

I don’t think a couple of paragraphs from someone here could give you ‘everything you need to know’…

Flipping is a great business, but you need a solid foundation of knowledge or you can get badly burned.

Didn’t mean to be so down, and there’ll be plenty more deals in future for you,
Joe Brillante