All Forum Posts by: Matt Kearney

Flipping is alive and well, you just have to adjust to what the market is giving you.

I've heard all this talk about no inventory and no deals, but we've bought 12-13 properties since February 1st. The majority were private seller deals but there were still 4 REO's in the mix.

There are still plenty of distressed sellers and lots of short sales out there. You just have to go find them!!

Hi Nick,

You need to try to find some private money lenders.... and you need to start within your sphere of influence..... family, friends, business contacts etc...

I did my first rehab deal in my early twenties. I did it with 100% private money funded by one of my best friends dad, who is a very successful doctor and owns several hotels and apartment buildings. I found an awesome deal and I presented it to him and asked if he would be willing to fund it. He said yes!!! and the rest is history!!

Make the offer!!

HUD has been known to take some nice discounts

I agree with Luis, with the openness of the floorplan from the kitchen to the living room I'd use the same flooring.

We have been using bamboo a lot recently and buyers really like it. You can get it in a little darker color too. We get ours from Home Depot and it's cheaper than new hardwoods. You can see some of the bamboo here: http://flippingsmart.com/tornadoes-and-rhinebeck-ave-rehab-finishing-up-house-flip-update/

Are the existing light oak floors hardwoods or laminate? If they are hardwood you could stain them darker and refinish them rather than replacing them.

Just got a Bank of America: listed for $69,900, offered $52,000, agreed on $57,000. 20 days on market. Needs $30k in work and the ARV is $145,000.

Don't worry about contacting the judge or the probate attorney. The administrator of the estate will handle all this. Just treat it like a normal sale. Make the offer, get the P&S signed and over to your attorney. They will work in concert with the estate/sellers attorney to get everything done.

I prefer to invest in the large metropolitan areas.

I started out working in the smaller towns but business was really hit or miss. I moved my focus to one large city and it's suburbs and was able to maintain a consistent dealflow and do some volume.

To me it's all about the numbers.... the more people, the more houses there are, the more oppurtunity for distressed situations.

I'm buying 5 properties this month... all real good deals and none of them are REO's.

There are plenty of good deals out there, you just have to stop chasing REO's and competing against everybody else.

Work at finding deals that are off the market, that's where the gold is, no competition!!

While I don't create ads for fake properties.... I do sometimes run ads for properties that I've offered on and am about to put under contract, to gauge the level of interest in the property at a particular price point when I'm looking to wholesale it.

Hi Hal,

Good work on taking action and getting your marketing out there.

The first lead sounds like it could be a good deal. Meet the seller, build some rapport and ask questions to get a better handle of her situation; Just how much does she need for a downpayment on her new house? Why is she looking to move? Is she motivated? etc... These are the types of questions you want to know the answers to.

Once you know what she is really looking for and what is motivating her to sell you can better formulate your offer.

Best of Luck