I had a rushed question for you guys. How complicated is it to find a property, get it below contract, then flip that contract to another investor for a profit? Thanks. :)
Answers: That's not an natural question to answer. The switch is to buy it right (low enough) so that another investor will want to buy it (also getting a deep discount). It's call wholesaling. What you're talking around is assigning the contract, and investors do it everyday.
For some that have a marketing system within place to find the deals, the paperwork within place to do the deals properly, and the confidence to grasp the homeowner to say yes, it's not that difficult. BUT it take work to get to that point, so as long as you are ready to put in the time and action, you can do very powerfully wholesaling. Realize that when you assign contracts, you may make lone as low as $3K or whatever your assignment duty is on the deal. Or you could variety a lot more IF you really bought the property for a low amount.
Good Luck!
How difficult is it? That will depend on; the property, your grating of buyers, and you. If you already have a net of ready buyers to flip your deal to, it's much easier to sell, than if you hold to tie the deal up on a contract first, and next market the concord to total strangers. Also, the property condition will be a big factor. Cosmetic repair, and structural repair are entirely different animals. Ideally, you've found a good operation for example, worth 100,000 after fix up. You can buy (tie up on a contract) for 30,000 to 40,000. And have to spend no more than $5,000 to $9,000 within fix up costs. You send an e-mail to your see of buyers (if you don't have a net, you can develop one within 2 or 3 days at www.rehabahouse.com). You'll already know who contained by your network desires the particular category of property you have for Dutch auction. Sell it to them, get salaried, rinse and repeat. with 15 books and that oodles seminars held locally, you would be competing with
over 100,000 populace. Is that a good settlement for you?
NO. Why not seek out junky properties
that have need of fixing and where afterwards, the
entire investment would be a max of 50%
ltv.
or buy county duty forclosures.
as areal estate investor myself i wouldn't get involved surrounded by a deal to be exact more then 70% of souk value after adjectives costs and expensise and has to be contained by a somewhat healthy marketplace
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Answers: That's not an natural question to answer. The switch is to buy it right (low enough) so that another investor will want to buy it (also getting a deep discount). It's call wholesaling. What you're talking around is assigning the contract, and investors do it everyday.
For some that have a marketing system within place to find the deals, the paperwork within place to do the deals properly, and the confidence to grasp the homeowner to say yes, it's not that difficult. BUT it take work to get to that point, so as long as you are ready to put in the time and action, you can do very powerfully wholesaling. Realize that when you assign contracts, you may make lone as low as $3K or whatever your assignment duty is on the deal. Or you could variety a lot more IF you really bought the property for a low amount.
Good Luck!
Question going on for possession contract?
How difficult is it? That will depend on; the property, your grating of buyers, and you. If you already have a net of ready buyers to flip your deal to, it's much easier to sell, than if you hold to tie the deal up on a contract first, and next market the concord to total strangers. Also, the property condition will be a big factor. Cosmetic repair, and structural repair are entirely different animals. Ideally, you've found a good operation for example, worth 100,000 after fix up. You can buy (tie up on a contract) for 30,000 to 40,000. And have to spend no more than $5,000 to $9,000 within fix up costs. You send an e-mail to your see of buyers (if you don't have a net, you can develop one within 2 or 3 days at www.rehabahouse.com). You'll already know who contained by your network desires the particular category of property you have for Dutch auction. Sell it to them, get salaried, rinse and repeat. with 15 books and that oodles seminars held locally, you would be competing with
over 100,000 populace. Is that a good settlement for you?
NO. Why not seek out junky properties
that have need of fixing and where afterwards, the
entire investment would be a max of 50%
ltv.
or buy county duty forclosures.
as areal estate investor myself i wouldn't get involved surrounded by a deal to be exact more then 70% of souk value after adjectives costs and expensise and has to be contained by a somewhat healthy marketplace
Resolved Questions: