When you’re flipping houses, it’s critical to be able to evaluate deals quickly and effectively.
One of the most important characteristics of successful real estate investors is their ability to take fast – and massive – action. And the one thing that holds people back in real estate is FEAR of taking the wrong action! In the next step, I’ll cover how to create RISK FREE contracts 100% of the time that actually get accepted, so no worries there… but for now, understand that you have to be able to quickly evaluate deals or else someone else is going to snatch up all the really good deals before you have a fighting chance.
So, for right now, I’m going to cover the discount property analysis. You need to know: (1) What it’s worth in TODAY’S MARKET, (2) What it “needs”, or repair and holding costs, (3) How much you can get it for!
Too many people focus ONLY on #1 and #3. They find a deal that’s worth $150,000 and get it under contract for $120,000 and try to sell it to another investor, claiming there’s $25,000 in profit (after the wholesaler’s $5000 assignment fee). Sorry, folks, this deal is PROBABLY upside down… [Click to Read the Full Article…]
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tagged as Evaluating Deals, Flipping Houses, Rehabbing, Wholesaling Posted in Flipping Houses,Getting Started In Real Estate,Real Estate Investing Articles,Rehabbing Houses
When you’re flipping houses (aka wholesaling), aside from finding a motivated seller with equity, the most important piece of the puzzle is the ability to find buyers. Here’s a strategy that will show you how to sell a fixer upper (that you currently have under contract) THIS weekend!
This will work if you’ve got a property under contract that you need to wholesale OR if you’ve got a fixer upper you’ve already closed on and you simply need to find a buyer fast. In either case, we’re going to assume that you’ve got to find a buyer, and you’ve got to find a buyer FAST!
One of the most successful ways to flip a house is to hold an “event”. This type of event is going to be a little different [Click to Read the Full Article…]
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tagged as Find Buyers, Flip Home, Flipping Houses, To Flip A House, Wholesaling Posted in Finding Buyers,Flipping Houses,Real Estate Investing Articles,Real Estate Marketing
I have made a fortune wholesaling houses over the last 15 years and it remains to this day my favorite exit strategy. I can not even think of another strategy that provides the level of monthly cash flow – literally tens of thousands of dollars a month with limited time involvement and essentially no risk. The beauty of wholesaling is that you never purchase the property and you get paid on the front end of the transaction! These are quick transactions that take 30-45 days to close and get paid without putting any money or credit at risk. It’s fantastic!
Some would challenge whether this is still a viable strategy in this economy. It absolutely is. We are experiencing an unprecedented time in real estate: prices have tumbled; sellers are not just motivated – they are desperate to sell; the media brainwashes sellers to believe that they will never get a good price for their house; and we’re at the bottom of the market dip with values poised to appreciate again soon. [Click to Read the Full Article…]
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tagged as Flipping Houses, Flipping Real Estate, Wholesale Investing, Wholesaling Posted in Flipping Houses,Getting Started In Real Estate,Real Estate Investing Articles
Flipping Homes… Flipping Houses… What is everyone flipping over?
In the past five years, you’ve obviously heard the buzz surrounding flipping homes. There’s a new TV show popping up weekly, it seems. And it’s hardly even possible to keep track of them all these days.
But, what’s the real scoop behind all the “flipping houses” buzz? And is it right for you?
In this article, we’re going to dispel some of the myths surrounding flipping homes and also give you the steps in case you want to jump in. First off… the term “flipping houses” often refers to two different things:
- Wholesaling, also known as “assigning the contract,” is when you simply put a property under contract and “sell” the contract to someone else, usually another investor.
- Retailing, or “rehabbing” is when you actually buy the house you are going to flip, do the repairs, and then sell the house, usually to an end buyer, or homeowner.
On TV, they’re showing the latter: buy-fix-sell.
There is a lot of money to be made flipping houses, but if you don’t do it right, you can also LOSE a lot of money. What you don’t see on the television show is how they find their properties, how much it costs to acquire the properties and, in most cases, the profit. It’s funny how these programs very rarely tell you HOW MUCH the person REALLY made from the deal (not the gross profits, but what they put in the bank after all is said and done). [Click to Read the Full Article…]
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tagged as Flipping Houses, Wholesaling Properties Posted in Real Estate Investing Articles
by R. Preston Ely
Have someone else do it for you.
Short sales get dealt with just like everything else in my life that even remotely smells like stressful labor; they get delegated. Outsourced. Sub’d out. Avoided at all cost. The purpose of this article is to encourage you to do the same.
Life is too short to do things you hate. Don’t you feel the same way? Did you know you don’t have to do things you don’t like? You are not a prisoner. You’re free. I spent ten years of my life doing what the world considers “real” work. I’m done. Real work blows. Who is to say what is real and what isn’t anyways?
“Reality is an illusion. Albeit, a persistent one.” - Albert Einstein
Something wonderful clicked inside my head a few years back after my dangerous escape from Cubic-Hell. It’s weird because it just evolved kind of naturally. The only way I can describe it is a complete 100% aversion to doing anything at all that I don’t find enjoyable…and the ability to actually get away with it.How to outsource all your unwanted “duties” in life is the topic of another article. Let’s focus on the subject of short sales for now. [Click to Read the Full Article…]
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tagged as Flipping Houses, real estate outsourcing, short sales Posted in Expert Interviews,Flipping Houses,Foreclosures and Short Sales,Preston Ely,Real Estate Investing Articles
