Flipping Contracts?
Hi, my name is Brad and I have been wanting to get started investing in real estate. I know there's so many ways to invest but I don't know where to start. I have been reading about flipping contracts, but I have heard some negative things about that. Is flipping contacts a good way to get started? Someone told me that all you have to do is put a ad in the paper telling people you have houses for sale. Then take the information the callers give you, then go out and find a house that matches their description and as long as the numbers are right sign a contract for that property and then try to sell it to your customer. I know it's more complex than that but is that pretty much the idea? Any suggestions I would greatly appreciate it.
Thank you
I put many ads in papers, but I never state I own the houses or that I have any houses. I get a qualified buyer, then set them up with a REA or a private investor who may have the type of house they are looking for. Is this easy? No.
I am still working with people from Jan 2004, I have gotten many others done. The calls alone are hard to handle. I receive over 100 calls from one ad. I have to take all applications, make sure they can be approved, then give them a list of houses, then take their phone calls on the ones they like, then set up buyer and seller, then help them with the loan process, then be at the closing. At some point I already made a deal with the seller on the sales price.
This is a short, short version of what happens when assigning the contracts.
Lori
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