Wholesale/Flipping Information Frustration
Let me get straight to the point. I am 24 year free spirit who is tired of being in a cubicle all day typing keys, and making files. I have been extremely interested in R.E., however I am most interested in Flipping/Wholesaling. Why? because its quick cash so to speak and no long term commitment. I also like flipping because I care to have the freedom to travel and I like the fact that there is no commitment I can just get the cash and move onto another deal. Eventually I do intend on moving into rental properties for the sake of residual income.
My question, can you recommend any books (NOT NECESSARILY COURSES UNLESS ITS DARN TOOTIN" GOOD because I've been there and done that), any number of books that would be most helpful in getting me started. So far the books that I have read all speak of their experience with a particular deal (of fixer uppers and then flipping), and not STEP by STEP information saying ok you need to do this then do this and so on to just put a property under contract. As a beginner, how can one expect me to derive steps for application on my own when the information is for the most part relative.
I want to know in detail how to get build a buyers list, exactly what questions to ask Investors and or rehabbers, how to find good deals, what are the different ways to attract motivated sellers, (some sample letters wouldn't hurt), what do I need to do or who do I need to contact for closing, what should formula should I follow to know its a good deal, etc.
Help!! Im reaching out where ever I can for anyone who can refer some materials that would provide me with step by step information on how to put a property under contract and then flip it over to another Investor or Rehabber.
If its any consolation, although I don't really start until August, I am a student under Rich Dad (Robert Kiyosaki's) Real Estate Coaching.
Ok....there is no perfect book, but one that is helping me is Bill Bronchicks "flipping properties" It does give some contract, ads you can use and some good ideas. I just ordered 2 more books from differnt authors that are exclusive for flipping. Because I, like you...do not want to do anything but flip, and do it on a budget as well. Now this book is not a course..its a book, and it s about 15 bucks not 150$... like some of these courses.
[ Edited by justleo7 on Date 07/14/2004 ]
Happy Reading
Bob
Purchase John $Cash$ Locke's bird dogging manual...
I have read Steve Cook's Wholesaling book and it was great informational reading...
I would suggest those two to start. You want to get started in bird-dogging and wholesaling when you first begin in REI... Until you learn the ropes, work with professional RE Investors!
Good Luck!
[addsig]
I bought Ron Legrand's cashflow course, and you described a lot of parts about it. It's around $250 on ebay or under the shop on this website. He usually sells it for $1500 though so you can look at it as a good deal. I paid $230 I think it was totally worth it. I got like 20+ audio cd's and three binders filled with contracts, examples, etc. It was good stuff.
Yet even after reading and going through the entire course I feel like I know a lot but still not 100% comfortable. I think you definitely need a mentor who has been there and done that. Or at least somebody by your side that knows what he/she is doing (lawyer?)
Nonetheless, I really loved that course I think it was definitely worth it.
Thanks Guys I realy appreciate your replies and will and have taken head to everything you said.
God Bless