Real estate "flipping" ?

Discussion in 'After Hours Lounge (Off Topic)' started by JasonF, Oct 20, 2004.

  1. JasonF

    JasonF Agent

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    Has anyone flipped a property? I am looking to buy, rehab, and sell a house in maybe 6 months from now. What I am looking for is some tips and or a good book or two to read. I went on amazon.com and did some research, but there are so many different books. I don't really trust their reviews.

    I plan on flipping one or two houses then investing the profits into a rental house. Any help on this would help also.

    I mostly need help picking out propertys and tips on the best upgrades to add immediate value. My wife was a loan officer for awhile and is now a Realtor, so I have plenty of info on financing.

    Sorry for rambling... Thanks in advance...Jason
     
  2. shaniceMW

    shaniceMW Stunt Coordinator

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    try to do all you can to already have a buyer when you obtain the property so that you dont have to pay closing costs twice. i am a real estate agent and an investor. will go through my personal library and let you know which books i recommend later on. stay away from those gimmicky books that tell you to contact agents or to low ball sellers and stuff. doesnt work that way. the quickest thing you can do is get a list of lis pendens (litigation pending on a property) in your area and "save" these people from foreclosure. you can either give the people some money so they wont get the foreclosure on their credit or you can wait until the auction and bid on the property. i see you are in california and the market is totally different from the east coast. not sure of the trends over there. but if they have foreclosure auctions at the court house, if you can, go a few days and see who the players are. and ask them who their investors are. nine times out of ten they are not using their own money. they already have a buyer for the properties and they are using the buyer's deposit for the auction. that is the second quickest way to get a property. if you can meet with property owners that are going into foreclosure, you can save them from foreclosure, give them a little money and do a quit claim deed or have your atty draw up some papers that say they can stay in the property but if they default the property is automatically deeded to you and so forth and so on. go to a real estate atty to have this done. if you find a good one, they will have experience doing this.
     
  3. JasonF

    JasonF Agent

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    Thanks for the info. I'm not sure if I want to deal with foreclosures yet. I know there is alot of cash to be made that way, but from what I've seen its a major pain in the a$$. Lately the market here in Modesto has been crazy. Increases in value like never before. My house that I purchased 15 months ago has already went up $70000 in value. I'm trying to get into this possible income as soon as possible before it drops. Thanks again.
     
  4. Brandon_T

    Brandon_T Screenwriter

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    The book I am reading is called Buy It, Fix It, Flip It...Profit. It was highly recommended by several people on the investing forum that I visit. You may want to visit that forum. It has many different sections for different types of real estate investing. It is called The Creative Investor.

    I just secured my first loan to rehab properties. This is something I have always wanted to do, and I am finally getting my chance. Good luck and maybe we can all help eachother on the way.

    Brandon
     
  5. JasonF

    JasonF Agent

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    Thanks Brandon, I'll check that forum out. Good luck on your flip. Let me know how it goes.
     

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