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,