Wholesale Flipping

[C Invest]

Hi everyone,

I just finished reading flipping by Bronchick.  I'm starting in this area first and wanted to know if you could give me a few pointers from your experience so I'm not ?

just starting out what is the best way to get motivated sellers for flipping
properties?

I going to place an ad and notice there is already so many!
Should I get another phone # or use my home # for sellers to call?

I've been driving around for properties and some I've left my home
phone# just didn't know for sure what I should do on that.  I've also
followed up with a letter in the mail.

I want to get things going fast anything you could suggest, I would appreciate it.

[StacyKellams]

A lot of it depends on you and your situation. I have my calls come straight to my cell phone. If you have a full time job then you can't do that.

It all depends on your market. The "guru's" would have you believe that all techniques work equally well across all markets. That isn't true. You have to learn what works in your market by experimenting.

Check out the link below for articles on advertising and marketing.

http://texasrealestateclub.com/articles.html#advertising

Check out this like for wholesaling articles.

http://www.texasrealestateclub.com/articles.html#wholesaling

[C Invest]

Hi Stacy,

Thank you for the information I'm checking it out now!

[GregNorman]

Flipping has got to be one of the toughest things to do (in my opinion). Mainly because you are reselling to a bargain hunter (half of whom will try to screw you!).

You may want to consider "flipping" a lease option to a "retail buyer" (lease option assignment). I did this in the beginning (when I had NO money). I worked out well. I ended up "phasing out" that end of my business for more profitable (long term) deals.

Good luck!

[fatmaxxv]

I am looking at this potential deal from a birddog.

He told me that he is trying to asign this to an investor (me) at a wholesale price. Seller is out of town and property has hail damage on roof. House also need fence and some updates. Built in 1950s.  

Would it be ok to ask, How much is the Seller wanting to sell it for and how much is his asignment fee? I feel since I am the one taking the risk of rehabbing it, selling at retail - probably looking at holding it 3 mths before I can sell it, that I should be allowed to know how much the seller is selling, before I know that the birddog be making just as much as I'm trying to profit from retail flipping.

Is my question for him justifiable? How should I put it politely?[size=18][/size][size=24][/size]

[Eric C]

Hi -

You may get a lot of feedback on this, but frankly I don't think it's really any of your business who makes what -- as long as you get what you want out of the deal.

It's normal to be concerned whether or not you may be making too little for the degree of risk, capital, and work.

But just because it's normal doesn't mean it's beneficial. If you allow yourself to become focused on the "other" people in the deal, you may not spend enough time on your end -- and that's the only part that should concern you.

Nobody's telling you that you should just accept what someone else is telling you -- about this deal or any other. It's just that we live in a world of envy in which most people feel somehow shortchanged -- as though someone else has taken their share.

That's not the way it works.

At least not at my level it doesn't.

Take care,

Eric C

PS - if you're really worried about everybody's takeaway here, then you probably don't know enough about the business yet. Keep asking questions and you'll get there.