so have you Flipped ??

3 Replies

what   is the  right  way to  flip ...I   do not want to  rehab and all that ... so  double cloe ????? 

I  hear you still have   to have the  cash to  do this ?????

Well unless you have tremendously good credit and can borrow all the money you need usually there will be some degree of improvements you will want or need to make. There are what are called cosmetic upgrades such as new flooring whether it be wood floor , new carpeting , new cabinets, and a paint job and general cleaning which may involve some landscaping work. This would fall under your marketing plan to make the house attractive for resale. 

Other than that you would be looking for houses you can buy significantly under market value. Lately I did see one house that appraised for and had a market value of $95,000.00 and the owner was willing to sell it for an asking price of $20,000.00. For whatever reason he wanted to cash out and was in a hurry otherwise why would he be willing to give up all of his equity in the house but such deals can be found if you take your time to find them. 

Brandon speaks allot about all cash deals using hard money lenders, private lenders, or partners that put up the money whether houses need rehabbing or not. You can also try simply buying houses and selling them for a smaller increase in the sale price compared to your purchase price. Whatever you do it just has to make good financial sense and be worth your while to get involved in the deal. 

Your criteria can be to buy only houses that need very little work on them to make them more marketable and attractive to buyers. It is just that whatever meat is left in the deal for you has to make sense for you to take the risk involved and cost involved in buying and owning the properties. 

There are groups I know or individuals that look for properties they can buy for lets say 30% under market and they look for houses or properties that need very little work on them or no work at all. If this will be your criteria that is find just know the chance and opportunities to buy such properties are less than buying properties that need more significant improvement(s). Everyone is looking for properties that need no or little work on them that can be purchased for 30% under market and there is stiff competition for these properties and of course you will be competing with all cash buyers most likely. 

Generally the better condition a house is in the higher the price will be to purchase it. I would also say that people that own and sell their house in very good condition are not in the habit of just giving away the value they have in the properties but like I said the kinds of deals you seem to be looking for can be found you just have to look for them and be ready to take immediate action to buy them.

Foreclosures may also be a source of houses for you to buy. There are some foreclosures that are in very good condition and you may be able to buy one significantly under market but again those opportunities are fewer and again there is also stiff competition to buy those properties. 

Do whatever is right for you. Nothing says you have to buy homes that require rehabbing or remodeling or even houses that need extensive or any repairs. Just keep your eyes open for the kind of properties that fit your investment criteria. 

Shyda,

Hello in my opinion you should wholesale the contract to a buyer who can purchase and the rehab. This Ali's a great way to build your capital.

Haha - your question is akin to you coming into a huge library, with book-shelves full of books everywhere, and sayin - so, how do I learn to read...I don't wanna learn the alphabet and all that...?!

hahaha - look around :)

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