Property search, is it a secret? - Posted by Kenny

import · March 30, 2006, 5:58pm

Posted by Kenny on March 31, 2006 at 21:29:41:

CC me on that email please? I would love to hear more!

import · March 30, 2006, 5:58pm

Posted by Kenny on March 30, 2006 at 18:58:15:

I’m a newbie and was wondering if a few people would like to share with me the possible ways/best ways to find flip properties? Is this a closely guarded secret or what? I have read many books, but I’m just wondering what really works and what dosen’t coming from people that have actually done it and recently too. Thanks is advance for your help!

import · March 30, 2006, 10:11pm

Re: Property search, is it a secret? - Posted by Charles Parrish

Posted by Charles Parrish on March 30, 2006 at 23:11:21:

Flipping is no secret. It is done all the time, it is a very basic method that works when all the right things are done in the proper order.

Call sellers; negotiate a price that is well below market value.
Use clauses that give you control, right to market by private treaty or public auction before settlement, use banking days, right to extend, third party assignment. Delay settlement, right of possession
Make all necessary disclosures.
If necessary offer a “Hybrid” contract.
Call a GOOD AUCTIONEER.
Sell the property (contract) at auction, assign the contract.
Collect the spread at settlement.

That’s it! I own a real estate auction company in Maryland; we sell about 500 properties a year at auction. 70% of these are assignment deals.

This system takes time, skills and perseverance. I have seen young investors make $20,000 - $100,000 per transaction.

Charles

import · March 30, 2006, 8:43pm

Re: Property search, is it a secret? - Posted by dutch

Posted by dutch on March 30, 2006 at 21:43:13:

It’s called marketing. Sitting by the phone won’t make it ring. Spend some cash to get the word out that you buy houses. The more you spend, the more the phone rings.

import · March 30, 2006, 7:18pm

Re: Property search, is it a secret? - Posted by Pat

Posted by Pat on March 30, 2006 at 20:18:59:

There’s no secret. What you’ve read and or learned from seminars etc. works. The problem is that the gurus and the guys writing the books don’t tell you that flips are where you find them. They are not just laying around like acorns to be scooped up. Additionally, you’re not likely to make much of a living relying on flips (only circus acrobats do that).

Flipping was originally taught as a means for a person without cash to acquire some to get his or her credit situation to the point where the lenders would deal with him or her. The facts are: The deal must be “right”; the spread must be there; the seller must agree; the lender must agree; and most important of all…a buyer must be lined up. That’s all you gotta do.

Yeah, they are out there and you can do them but they don’t “just happen”.

import · March 30, 2006, 6:34pm

Yes it’s a secret! - Posted by Jerry

Posted by Jerry on March 30, 2006 at 19:34:09:

Why would someone want more competition. Let’s get this right… I tell you how I find flip properties, then you go out and do the same thing in competition against me? Are you nuts or what?

Jerry

import · March 31, 2006, 6:00am

Re: Property search, is it a secret? - Posted by dutch

Posted by dutch on March 31, 2006 at 07:00:09:

Charles,

Now that IS an interesting idea. Can you elaborate more on auctioning the contract? Feel free to email me off line. I would like to know more about that process.

thanks,

Dutch

import · March 30, 2006, 6:54pm

You must join the club! - Posted by Mike-OH

Posted by Mike-OH on March 30, 2006 at 19:54:12:

Kenny,

Jerry was just joking. It isn’t a secret, however you must join the club if you want to know the details. Unfortunately, the club dues are very high!!! It’s like joining a high priced country club! Old boy’s network and all that!

Good Luck!

Mike