newbie

4 Replies

Some advice on starting out flipping properties with little start up money. HELP HELP!!!!

Hi Brandon, I see you're in GA. To start out I suggest you join a local REIA. I'm a member of GaREIA.org

You can also learn by hooking up with local experts.

Today we have seen alot of appreciation and inventory shortage.  Sellers today are very unwilling to sell you their house cheap.

Today I feel Brian's strategy of looking for low equity houses and do his wholesaling of a lease option.

@Brian Gibbons

You'll do a yellow letter / post card campaign to low equity home owners in nicer neighborhoods.  Then offer to help them move out of their house via offering to find a lease / option buyer.  

I really believe in Georgia as one of the best states to because it doesn't require real estate license

I like expired listings where I knock on the door and give the seller a free report and if they are not home I'll put a little yellow sticky note on the door saying "is this house still available for sale?"

I'm not a big believer in direct mail for lease-option assignments; it's a face-to-face sale and face-to-face prospecting but that's me

If the house is an expired listing, chances are very very good that it has very little equity so that you can offer two offers: 

you can offer a lease with option with the intent to assign and you can offer either a subject to or a wraparound mortgage purchase also known as land contract or installment sale

Buying on contract for deed and doing a lease to own exit strategy I think is a wonderful way in Georgia to get started with very little money

You make 3% by finding a tenant buyer

The big issue with the sellers is some of them don't want to be a landlord and that's why buying it on some kind of a contract for deed is more appealing because most of the PITI plus maintenance costs are paid by the vendee

If it's a lease to own assignment then the seller is going to responsible for landlord insurance and maintenance

If you buy it on contract for deed your responsible as the owner for all costs including taxes

@Curt Smith would be an awesome mentor for you if he has the time

@Brandon Paulk welcome to Bp!

@Brian Gibbons

 How does a new person find an expired listing?

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