Re: those with success flipping properties: please help me get started!! - Posted by Tyler
Posted by Tyler on June 19, 1999 at 15:43:55:
I agree with what Stacy said about getting a course. I spent a long time trying to “piece together” all the info I got from here and there. Ultimately, it was a course that helped tie up all the loose ends of confusion. I strongly suggest you get one. However, here are the answers to your questions:
- how did you find your hard money lenders? did they check your credit? do they make you put your own money in?
Start by looking in the yellow pages, and in the classifeds of the local newspaper, as well as the thrifties. Most hard money lenders lend money on the house, not the borrower. They will typically lend between 50-70% LTV so that their loan is safe. Hence, most don’t care about credit…but I’ve found it always helps if you have GOOD credit. Some will want you to have your own money in it, but most won’t care. Again, it is the property they are most concerned with.
- how did you go about finding an attorney to work for you that understands real estate investing?
Referrals from other investors you talk to would be your best bet, otherwise just let your fingers do the walking.
- do you have access to MLS? if so, how? do i have to go through an agent who will then expect commission upon my buying or flipping? if so, should i do this to get started?
If you are focusing on MLS properties, then you will most likely have to find a good REALTOR to work with who will either give you info from the database, or allow you to access their computer. More than likely, especially in the early stages, it will be the first.
The agent will get paid a commission, but that will be built in to your sales price (seller pays them out of the proceeds).
If you are focusing on FSBO properties, then this won’t be an issue.
- how do i find other investors to wholesale properties to?
look for I BUY HOUSES ads in the papers. Place your own ad:
Cheap, need all cash.
Serious calls only.
This will flood your database with investors looking for the types of properties you will be flipping.
- what realistic time frame should i look at from the time my contract is accepted until i can go to close when i flip to another investor (assuming i am not stalling with my responsibilities re: the deal)?
It all depends on how long it takes you to find a buyer for the property. I’ve closed one in less than 24 hours.
Hope this helps. Read some of the articles in the “HOW TO” section of this site. Then order a course. THEN…go get rich.
Best of luck,