Newbies In Tampa Need Advice

Comments(15)

• 
  Frank091110th January, 2005

  Maybe You Can Try Fort Myers Capecoral Or Naples.

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  bgrossnickle10th January, 2005

  If you wait to make 20k on a flip you will be waiting a long long long time. Most flips are for about 4k. Flips require no credit, no money out of pocket, and no liability. Why would you not do even a $500 flip?
  
  
  Brenda

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  writergig10th January, 2005

  Brenda is referring to a straight wholesale filp, where you don't lift a hammer.
  
  You find a property, put it under contract and then 'flip it' to another rehabber/investor. And yes, a reasonable filp is 3K to 10K, although my attorney tells me there have been much bigger ones. I can only write from my experience, however.
  
  And I'm with Brenda: anyone that makes a few thousand bucks for being clever and making a few phone calls should be quite happy. During the day, I work in the 'real world' and my colleagues would laugh at me if I said I would only do $20K deals.
  
  Now, I understand that if you're putting in a ton of work/capital for a rehab, you should expect a big payoff. No problem there.
  
  But for a straight wholesale flip, be happy with a couple of grand and then do another deal.
  
  (Ask the local 7-11 clerk how long it takes him to earn 2 grand!)

• 
  didi76810th January, 2005

  Ok well how the heck then do you find a fellow rehabber that fast to complete your flip? So basically you buy the thing and raise the price 4,000 and then flip it to another real fast? Do you put ads into the paper?
  Diannje

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  davegar15th January, 2005

  I am kinda in the same shoes,but Iwould prefer to get the property before the flipper gets it,I have noticed in public records that a lot of flippers are tryimg to get 20,000 a deal,although the houses they sell are still profitable,paying 20,000 grand less for a rehab is more money for me to aquire other rehabs,or it could make the difference in averagein40 bucks a hour and 80 bucks an hour that I would make doing the work myself

• 
  ray_higdon15th January, 2005

  You find the people to flip to by going to investor club meetings, calling the "we buy houses" ads, etc.
  [addsig]

• 
  virtent16th January, 2005

  One of the most important aspects of wholesaling after finding a good deal, is having a reliable investor who can close on the deal. You need to build a relationship with investors who will come to you for good deals, but you can rely on them to act quickly and close on deals. In other words, build an investor list.
  
  Dan Stojadinovic
  TBREIA

• 
  writergig16th January, 2005

  Correct.
  
  And you build this investor database by networking at your local RE investors clubs, and by running ads that will attract rehabbers. For example:
  
  UGLY HOUSE FOR SALE BY OWNER
  3 bdrm, 2 bth house in good neighborhood.
  Needs full rehab. Huge profit potential
  for the right handyman or investor.
  Quick closing. Call 555-1212.

• 
  ZinOrganization16th January, 2005

  the first deal i did was a assignment/wholesale/flip and we neted 22k so they are out there you just need to beat every one else to it.

• 
  inspectorq19th January, 2005

  Let's face it. If a house is a killer deal, a relative/friend/lawyer/broker will snatch it up in a second. If it makes it past the above list and actually reaches the MLS, there will be 12 or more offers in the listing agents' fax macine within hours. You basicly have to get real lucky or work hard to get houses before anybody else does. I had good luck sending unsolicited offers on run down looking houses to owners in the mail. It's basicly a numbers game, the more letters you mail out , the better chance you have of landing one.

• 
  Nathan1420th January, 2005

  inspectorq:
  
  Would you mind sharing what kind of offer you sent to the run down houses?
  
  Thank you!
  [addsig]

• 
  Nathan1420th January, 2005

  inspectorq:
  
  Would you mind sharing what kind of offer you sent to the run down houses?
  
  Thank you!
  [addsig]

• 
  estateXchange21st January, 2005

  The key to real estate is who you know, and this will help you with what you know. Having a pool of investors is a top priority. Different investors like different houses, in different areas, at different prices. So the more the merrier.
  
  To find the best deals, you have to be the first investor to the motivated seller. This will happen through getting your name out there, driving by and noting run down houses, and advertising. MLS listings already have some kind of influence raising the price whether it be a flipper or a real estate agent wanting to make more commission and telling the owner their house is worth more than what they were going to list it for.
  
  The biggest thing to do, though, will be to get to know investors. If you or any of your investors need a mortgage, I am a mortgage broker. I also know some investor friendly real estate agents in the area. They can help you find and list properties.
  
  estateXchange

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  Ibuyexpensivehomes22nd January, 2005

  My suggestion would be to look somewhere other than 99% of the other investors are looking... Try the big properties. The bigger the house the bigger the profit potential. Also, the smaller pool of buyers so sellers may be more motivated. If they have to sell, and on the big properties the holding costs could be eating them up. Happy hunting!
  
  You must be willing to do what you have never done in order to get what you've never had!

• 
  ray_higdon24th January, 2005

  I agree with Jeff, not only to keep them but have them pay half? Not sure what type of strategy that is.
  [addsig]