First-timer advice on "getting started" flipping???
Hello one and all,
I am happy to have finally found a forum like this so that I can gain some useful knowledge. I have been studying and reading a few books on "flipping paper" or "discounted personal mortgages". I even made a 3 yr. business plan for my "small business management" class back in 2001. I was pretty Nieve back then....(pretty sure I still am to). I realize I have learned quite a bunch just "studying" so far....but know that there is alot more for me to learn....
So basically, I have finally found some capital as a "start up" for my little endevour. $1000.oo USdollars. I was hoping I could get some advice as to the best way to invest this money towards "flipping"?
I am thinking about neccesities...
(1.) Clients----> 200-400$ using a database or research team as far as getting list of possible candidates that posses "personal Mortgages".... ( I tried the finding names in the courthouse, and after 6 hours of research, I came out with 11 names/adresses..) didnt seem like a worthy cause to me.
(2.) Stationary----> 100-150$ for envelopes/stamps to send brochures/letters of intent to the possible candidates.
(3.) Advertising-----> 100 - 150$ for 2-3 months of advertising in a few local papers?
(4.) Phone service/answering service----> 140- 180$ for a business line/cell phone strictly for this business. ( cant use the home phone).
(5.) Miscallanious------> possible attorney fees/closing fees, gas money, meeting clients?
I have a computer and software compatible for my needs.......
I still need help as far as how to/ where to find Investors... but I am looking into that.....
If anyone can think of a better way for me to use this money, or other ways to invest it.......or anything, I am very Open-minded to the subject.....
thnx for the input!!!!
Since you are open minded I would like to suggest that you look more into flipping homes instead of paper.
I started out pursuing paper myself and I did successfully pull of a number of deals, however I was involved in creating the paper to meet the needs of the note buyers. The amount of work that went into each deal was incredibly long and hard. Most of the people who did buy notes from me back then are out of business today. The industry has went through some major changes over the last few years.
If you can line up local cash buyers of notes and find local notes to broker to them then things get a lot easier.
There are many more deals available on homes then there are notes. I prefer to go where the numbers are.
[addsig]