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Author Topic: Would like to work on Flips but don't have any money...  (Read 2744 times)

Offline vsderickson

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Would like to work on Flips but don't have any money...
« on: April 25, 2007, 09:07:30 pm »
Hi, I would like to get into REI and have done the footwork to find a couple of properties that would make great flips (I picked up the book "Flip", good stuff).  I recently graduated from college (a little late, I'm 30) and as a result I am broke.  I haven't been able to find a pool of buyers yet (still building it) but I was wondering if there are investors that aren't necessarily in my area that would be willing to invest while I oversaw the property upgrades.  I know I can wholesale the properties out but I also know that there is more money if I am actually involved in the remodeling process.  Do people do this?
Thanks for any help you can offer...
Vanessa

Offline rgchamb

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Re: Would like to work on Flips but don't have any money...
« Reply #1 on: April 26, 2007, 12:12:29 am »
IMO wholesaling is the way to go.  Even though you don't make as much $ as rehabing, you do make the $ quick.  Quick $ sounds like what yer' lookin' fer.

Offline vsderickson

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Re: Would like to work on Flips but don't have any money...
« Reply #2 on: April 26, 2007, 12:17:25 am »
I would love to learn the business of doing the whole flip so that when I am in the position to (note: when, not if) I know what to do by then.  Maybe I can work something out where the investor agrees to have me around for a small percentage of the take and I can assist in project management (my degree, btw)...

Offline Helixpoint

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Re: Would like to work on Flips but don't have any money...
« Reply #3 on: April 26, 2007, 05:17:19 am »
I would have to agree with rg. You have to walk before you can run. I am also looking to do some rehab, but there is quite a bit of information you need to know. I think most people that fail at this business are the people that want it "NOW..NOW..NOW" They listen to some half baked guru telling them to throw some signs up and watching come running. Well that sells tapes, butttt.. You get the idea. I am no pro at this, but I quickly realized that it take persistence to make it. Best way I am learning the business is threw wholesaling. Find a good real estate club and talk to them. Just my 2 cents.

Offline vsderickson

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Re: Would like to work on Flips but don't have any money...
« Reply #4 on: April 26, 2007, 06:16:25 am »
I'm not under any impression that I'm going to become a millionaire in "5 DAYS WITH NO MONEY DOWN!" but I figure the best way to learn about rehabbing is to be involved in it under someone else's tutelage (for lack of a better word)...

Offline Helixpoint

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Re: Would like to work on Flips but don't have any money...
« Reply #5 on: April 26, 2007, 06:29:09 am »
Well if you have someone that will do that for you, go for it. That is the best way to learn

Offline real estate 001

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Re: Would like to work on Flips but don't have any money...
« Reply #6 on: April 26, 2007, 10:22:13 am »
 :cool  try this one on   find and or start looking at the preforeclousers  in and around you ?? MOST people do not care much  how they can save there  in a hole but  . SO you get a  mortage with them  as in a wrap  around   and make it so they get some go away money  as well  they all ways like this !!!  THEN you all so need to make sure  there will not be much rehab if any !!!!   HAVE them  and or you get your note sold   asap  with in 30 days as there are note buyers who will buy !!! YOU have now put off any payments  on your part for 30 to 60 days  as well payed off the old  note the sellers had  with there bank  and with you !!!   YOU in the mean time find a renter asap !!!!    AND you are on your way /// may be a small out of pocket 300 to may be 500?? 


 AS soon as you can refi  the home and  pull out your cash  !!!

 




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