All Forum Posts by: Ty Burns

Try and secure gap funding from a private investor. It is a little more risky, but some guys will lend because they get a higher return on their money. I have a few people who lend me repair money at a higher interest rate and 2nd position lien on the property.

How did you finance the transaction? 4k seems extremely cheap for holding costs.

Welcome to bigger pockets! Great place to learn and network. I am in Salt Lake County. If you need a good Realtor or just want some advice, call or email me.

You need to have a buyers list on hand, so when you come across a distressed property, you will have an idea of who will be interested in the property. I would not take a deal to an end buyer until I had it under contract. Ask the agent you are working with if he/she is familiar with wholesaling. If not, you may want to work with an agent who is.

You can drive around some local neighborhoods or wherever your target area is and look for vacant houses. When you find one, put a large sticky note on the door, that basically says "I want to buy your house for cash. If you are interested in selling, please call me". Write down the address of the house and find the owners tax info online and see if they have a different mailing address. If so, send them a postcard as well. I have done two deals this year using these tactics and netted $35k in wholesale fees.

The next step would be to physically write the offer and get it under contract. Are you planning on rehabbing the property or do you want to wholesale it?

I got started by going to one of the GURUS free seminar and then a 3 day workshop. They tried to lure me in to purchase a $40k bus trip. I was not going for it. You are better off joining your local REIA group and networking with local investors. You will learn just as much if not more at a fraction of the cost. Once you feel like you know enough and can take on your own flip, then start writing offers and jump in head first. We wrote 92 offers before we got our first deal.

It could mean that you have to make your offer subject to inspection. Basically you have to put in a blind offer.

Education is the most important factor when flipping houses. I have learned some costly and valuable lessons because I was not properly educated. There is much more to it than what you see on HGTV.

When I wholesale a property I always include the purchase price, the ARV, Repair estimate, photos, property specs, comps, and video tour of the property. Normally the end buyer will want to perform their own due diligence and pull their own comps, etc..