i just got back from iraq and got a few dollars to invest...i been hearing stories of how successful people have gotten by flipping houses...im interested in doing this but i wonder have i waited too long and is it really as easy as people say it is...i need some info on how to actually do this...is there a good reference place...like a website or a home based course...also is the georgia area a good market for this type of business?...any information at all will be greatly appreciated...thanks
question for house flippers
- Thread starter thegod
- Start date
first things first yungun.
one start a business and incorporate. get an ein or tax id number.
second decide FIRST what type or market you wanna be in an what type of cash you have to start with.
i started with low income homes, why?, because for every dollar i invest in a low income bracket i can get back three times that amount with little to no worries.
high income homes produce more cash but take longer to flipp as well as cost a lot more.
now find out when the courthouse does the foreclosure listings in the area you want, get a list, and LOOK dont buy, see what areas interest you and what the medium price range is for a house, then and only then, do a comparison of three houses that sold in that area and see what houses actually SELL for. the reason i say this is two fold. one the georgia market is very hot right now with all the forclosures goin on and two theyre a lot of people out there with more money and experience doing this, and the house you may think is a deal could actually be a flip itself.
now that you know where you wanna buy and for what range you wanna buy, stop.
then run this add.
real estate investor seeks properties. will look at all any shape any location call 4045551212 or whatever your number is.
do not overlook the newspaper and other mediums as a source of advertising. the people who own these properties are usually baby boomers who have little or no internet experience. (think white guy reading the morning paper while drinking his coffee).
as far as the ad you will need a cell phone just for this ad. trust me ive gotten a couple hundred calls off this ad when i ran it in bmore.
things you want to know are price wanted (always offer 20%-40% lss tha asking price. its a good way to get the best price thru negotiations.) location of property and if there willing to carry a second for a short while.( if they are, read as money in the bank and little to no down payment)
hope this helps. if you have any questions gimme a pm
one start a business and incorporate. get an ein or tax id number.
second decide FIRST what type or market you wanna be in an what type of cash you have to start with.
i started with low income homes, why?, because for every dollar i invest in a low income bracket i can get back three times that amount with little to no worries.
high income homes produce more cash but take longer to flipp as well as cost a lot more.
now find out when the courthouse does the foreclosure listings in the area you want, get a list, and LOOK dont buy, see what areas interest you and what the medium price range is for a house, then and only then, do a comparison of three houses that sold in that area and see what houses actually SELL for. the reason i say this is two fold. one the georgia market is very hot right now with all the forclosures goin on and two theyre a lot of people out there with more money and experience doing this, and the house you may think is a deal could actually be a flip itself.
now that you know where you wanna buy and for what range you wanna buy, stop.
then run this add.
real estate investor seeks properties. will look at all any shape any location call 4045551212 or whatever your number is.
do not overlook the newspaper and other mediums as a source of advertising. the people who own these properties are usually baby boomers who have little or no internet experience. (think white guy reading the morning paper while drinking his coffee).
as far as the ad you will need a cell phone just for this ad. trust me ive gotten a couple hundred calls off this ad when i ran it in bmore.
things you want to know are price wanted (always offer 20%-40% lss tha asking price. its a good way to get the best price thru negotiations.) location of property and if there willing to carry a second for a short while.( if they are, read as money in the bank and little to no down payment)
hope this helps. if you have any questions gimme a pm
It's not too late, considering the economy. In the housing market, a lot of the interest only loans and ARM loans people took out in order to afford those nice houses are rising and many will find themselves unable to afford their 'dream home' anymore. As an investor this is known as opportunity.
People buying/selling retail are more directly influenced by the information in the nightly news. Investors buy off-market; meaning we aim for distressed properties (people desperate to sell!). In the ATL area especially you have a market that is ripe and will get riper when they close the auto plants and the airline industry lays offs there. That represents tens of thousands of people who will lose their incomes and be forced to vacate the premises.
PM me; I have some ATL area contacts for you. Talk to people, do your research and then when you feel you have a grasp of the game - GET IN!
People buying/selling retail are more directly influenced by the information in the nightly news. Investors buy off-market; meaning we aim for distressed properties (people desperate to sell!). In the ATL area especially you have a market that is ripe and will get riper when they close the auto plants and the airline industry lays offs there. That represents tens of thousands of people who will lose their incomes and be forced to vacate the premises.
PM me; I have some ATL area contacts for you. Talk to people, do your research and then when you feel you have a grasp of the game - GET IN!
DESTROSIS said:
when it rains ($$$) it pours!!
I'll send you an e-mail...
I'm very interested in flipping as well, I stay in college park right next to the airport so i know some houses gon be coming up pretty soon 
I just gotta find out more info on how to flip before i try to make a move...
I just gotta find out more info on how to flip before i try to make a move...Similar threads
