Need Advice From The Best!
I am a relatively new investor. I have purchased properties for personal use and have rented them out and later sold them but have never pursued buying/selling on a regular basis until now. I am looking to get into the market of flipping rather than renting properties and am looking for advice on which avenues would be best. I have access to cash to make deals work...I am just looking for the right type of deals. Let me know what has worked for you. Thanks
I don't think anyone here will claim to be the best. This site is the best because of the sum of all it's parts. It's not just one or two of the best here,, It's people out there in the trenches doing what you're wanting to do, (They are the best, but most won't say so themselves), and quite a few here can help you., but you asked for advice from the best,. Maybe you'll get some good advice if you don't try to set your standards so high.
Just my humble opinion, I'm certainly not qualified to give the level of advice you've requested.
Jeff
I agree flipping is a good way for a beginning REI to start. It usually does not require large sums of money to start. I usually offer only $10.00 for a 30 day option. After I find an investor to buy the house and agrees to my price,I assign him the contract. Then you set up a double closing at the title company and pick up your check at closing.
i'd say to do what you're used to doing to find the deals but instead of closing on them yourself, bid on them as "joe schmoe and/or assigns" - then sell the contract (purchase agreement signed by the seller) to an investor for your marked up (agreed upon) price and walk with the difference now or from closing, whichever way the investor will do it. then proceed to the next deal!
hint: find a true cash investor before you start and find out where they want properties and start in that area - quick turnaround is killer!!
... and i'm not "The Best!" hahaha, i couldn't pass that up!
Thanks for the input so far...I guess I will lower my standards from "the best" to "experienced RE investors". You have talked about flipping and I agree with that. Can you recommend any good ways to locate these properties and what would you be looking forward to qualify them as good deals for flipping? Thanks
I'm sorry Ryan,
Finding houses is possibly the most important thing for a new investor to learn to do. It also has the least complete coverage in the home study courses of all the topics that they cover.
I'd recommend looking in the Marketing forum, and also the Bird-dogging forum on this site. There are also some good courses available on bird-dogging.
If you are ready to begin investing, for yourself, it is also important to understand bird-dogging, because you will at some point have bird-dogs working for you, and because it teaches you how to find the properties that you're looking for.
There are alot of markets that you have at your dispposal. Rehabs, Pre-foreclosure, foreclosure, Probate, bankruptcy etc.
Determine what interests you, and try to learn as much about that area as you can, and then apply what you learn.
Good luck,
Jeff
A deal is only a deal if it works for you. I was at my local real estate investing club meeting last night. I heard many good things on this topic. When you buy and flip properties, are they fixed up when you sell them? Do you do the work? Do you do the advertising to sell them? Buying and selling properties didn't come easy for me. I had to make a lot mistakes and misjudge alot of things over the years. But I have learned from those mistakes. (and don't make as many today) Everytime I consider a new project, I sit down and map out a course of action, this will let me know if it is profitable. One thing I heard many times last night was the words I UNDERESTIMATED. That's why I like to base things on the worse case. This makes me happy in the end most of the time and thankful the rest of the time. Good Luck, Lori
[addsig]