Flipping real estate

Bird Dogs, Wholesaling
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What is the true defination of Flipping?

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All of these views and no replies that sucks.

Anyway the TRUE definition of flipping is the same as wholesaling:
Find a property, get it under contract with an assignment clause (just write and/or assigns after your name on the buyer line), Pay your earnest money, and then find a buyer. You can call this buyer an investor or rehabber, but they are kind of both. Anyway, you sign a sales contract for your original contract, take your assignment money and moveon to the next deal.

Some people refer to FLIPPING as rehabbing, when you purchase a property, repair it, and sell it retail (I hate selling retail). ANyway people are incorrect when they refer to this as flipping, this is called REHABBING.

And then there is the old scam between real estate agents, and mortgage companies, that the government refers to as flipping, and that type of flip is illegal.

Hope I helped.

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Hello, I’m brand new at ALL of this and I’m struggling to understand everything out there. Ive gotten a-lot of info and now i just have to read it over and over and over and… I’m the type of knucklehead that needs to be told exactly what to do and how to do it. So, here goes… Regarding the previous post: After I FIND THE PROPERTY and GET IT UNDER CONTRACT,do I pay the EARNEST MONEY to the seller? After I FIND A BUYER, what sales contract do I use to SIGN THE SALES CONTRACT FOR MY ORIGINAL CONTRACT? Thank you for your time, I hope I’m not wasting it asking these simple questions.

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You pay the earnest money when you get it under contract, DO NOT pay more than $100 for earnest money. I wouldn’t even pay more than %50, that way if you decide to back out you don’t lose too much. Ohh and pay with a cashier’s check. Fro the assignment contract for the original contract use some thing simple like this:

http://www.buyincomeproperties.com/html/ContractAssignment.html

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Hey, thank you very much for the response. Which form do I use to get the house under contract ? Is there a basic (short ) form or do I have to use this 9-page realestate purchase addendum form that I found online?And I also found a sellers acknowledgements form. Would this one be usefull as well?