What should I do if the quick flip fails - Posted by Tom

Real Estate Investing
1

Posted by Tom- MD on December 01, 2000 at 13:23:36:

Les,

Thanks for the advice. I’ll let you know how things turn out. Have a nice weekend!!!

Tom

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What should I do if the quick flip fails - Posted by Tom

Posted by Tom on November 30, 2000 at 17:12:43:

I met an owner of a two-unit row house in Baltimore, MD. She recently married a military person who is being transferred. The owner wants $56K to pay off the mortgage balance. Unfortunately, I don?t have the experience required to be a landlord yet. Nevertheless, I don?t want to pass up the chance to do a quick flip. The income is $730. The mortgage is $622(PITI). The sad part is the market value for the area is $54K - $61K. I fear that because, the spread is so small I won?t be able to attract a landlord/investor. Anyone have some suggestions on what to do if I can?t flip it?

Tom

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Buy My Deal @ 20% of Fair Market Value. - Posted by John (MD)

Posted by John (MD) on December 01, 2000 at 13:54:19:

Hi Tom
I wholesale real estate in Baltimore
20% to 60% of value.
I need a “cash buyer” for a deal which
must close by Dec 11 (20% of value) > $11k
Market Value is $55k If interested Contact
… John Parker…
410-591-1549
telpark@webtv.net

4

What about this? - Posted by THS

Posted by THS on December 01, 2000 at 11:34:28:

Tom,

This would be a perfect situation to take over the property “subject to”. After taking over payments, you could sell to an investor on a wrap. Investors ARE willing to pay retail if they can get easy financing.

GOOD LUCK!

THS

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Re: What should I do if the quick flip fails - Posted by Mark-NC

Posted by Mark-NC on December 01, 2000 at 06:16:57:

Tom,
There is not a deal here. Like you said the spread is to small. If your trying to quick flip to an investor you have to be able to sell it to them for 75% tops of fair market value for them to even be interested. I would pass on this one and find a real motivated seller.

Mark

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Re: What should I do if the quick flip fails - Posted by Mark-NC

Posted by Mark-NC on December 01, 2000 at 06:10:02:

Tom,
In order to do a quick flip to an investor it has to be an attractive deal. Say maybe 75% of fair market value tops. Your absolutley right about the spread being to small on this property. Forget this one and find one that has a trully motivated seller.

Mark

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Re: What should I do if the quick flip fails - Posted by Les

Posted by Les on November 30, 2000 at 22:06:18:

Hi Tom,

I am no expert and am a newbie on fire so here are some ideas. Off the top of my head, find someone who has experience in rentals. Maybe you could sell the deal to them or maybe consider a partnership with the knowledgeble one. This way you can build your income and knowledge at the same time. That’s all I have for now. Drop me an email for later developments.

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Re: What should I do if the quick flip fails - Posted by Tom-MD

Posted by Tom-MD on December 01, 2000 at 08:08:39:

Mark,

Thanks for your input/advice. I also liked what Les had to say. I’ll use his advice to see if I get a bite. If that doesn’t work, I’ll have to pass on this one.

Tom