First Flip ! Help !

4 Replies

I want to get into the world of Real Estate Investment. Me and my partner are looking to buy properties and flip them, our gameplan is to get a private loan for a home in the $60,000 price range. For example a home is listed at $65,000 and we offer them $52,000-$55,000 keep doing this over and over again until we get an offer accepted. Someone has to accept our offer, them try to find a buyer asap. I wan to learn the whole process on how sellers find a buyer before even closing on a property and they sometimes don even use their own money. If I en up not finding a buyer before I close on the property my plan is to sell on my own. Maybe to hardmoney lenders since they sometimes look for homes that off off the market. If I end up putting it on the market, its no biggie, I have my Real Estate license. I really dont want to hold the property no more than 2 months.

-Is that possible? (Or is this me just dreaming)

-I am not planning on getting rich in 1 year, I am looking to make $2,000-$4,000 a property every couple months. (I do have a partner)

-I am in Phoenix, Arizona

-What tips can you give me to make this happen ?

-I am not really looking into touching the property, I am looking more into homes that are livable. Not perfect but good for a family to live in.

-We are ok with generating $2k every couple months if possible

Sounds like you want to do some kind of a hybrid wholesale?  Listen (if I remember correctly) podcasts 12 & 18 on the BP podcast. They explain the process of doing a double close and not using your money in the deal. 

My only advice is just make sure you have multiple exit strategies in mind, if you can't get rid of it. You can't sit on a hard money loan for too long and make any money. You might have to refinance and become a landlord, if it doesn't sell. 

Good luck. 

Originally posted by @Nathan E.:

Sounds like you want to do some kind of a hybrid wholesale?  Listen (if I remember correctly) podcasts 12 & 18 on the BP podcast. They explain the process of doing a double close and not using your money in the deal. 

My only advice is just make sure you have multiple exit strategies in mind, if you can't get rid of it. You can't sit on a hard money loan for too long and make any money. You might have to refinance and become a landlord, if it doesn't sell. 

Good luck. 

 Thanks, where can I find these podcast you are talking about. 

You can find BP podcasts on iTunes. I try to listen to a podcast everyday on the way to work. Great information. Good luck.

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