I’m just getting started in the business. My question is how can you determined what profit you make in flipping the property. If I sell a contract I purchase and I make the owner and offer, Do I include all the settlement fees
ulilities cost and back mortgage payment into the offer that I will make with the owner. Can you please give me an example of flipping a property to another investor and how to determine what I should get out of the deal. How can you get in touch with the homeowner to try to talk to them in purchasing their home before it goes to foreclosure auction. I have this house I found for a fmv of 101,000 and the owner in debts for 45,000 would this be profitable if I can get intouch with the owner. Please let me know how I can reach some of the homeowner when the neighbors does not no where they move. When trying to purcase a probate house, does you use the same method in purchasing a probate house just like you would with a preforeclosure house.
Need infor as soon as possible
Thanks
solid comps after repaired value
minus rehabbers profit
minus repair costs
minus his buying/selling costs
equals about all you would expect him to pay
minus your profit
minus your buying/selling costs
equals your max offer.
give or take.
the deal you mention could be profitable if the home is in reasonable condition and wouldn’t require much repair. if it’s in good shape, you might be able to resell it to an owner/fixer-upper at a discount from the market price (so it will sell and quickly) and keep more profit.
Can you tell me how to get in touch with the homeowner if they have move out of the house thats going to be foreclosure and move somewhere else. Some of the neighbors does not know where they have move. Give me some suggestion in finding the homeowner.
Annette
mail them a letter. maybe it’ll be forwarded.
other than that, it’s tough.
If I get a contract signed and flip it to and investor for an AS IS property. How do I determined what profit I will get out of flipping a contract AS IS. Do I add in all the fees in the purchasing amount. I really want to try my first deal, but I’m not for sure how to used the method in determined my profit on a deal.
If you assign the contract to him directly and don’t “purchase” it yourself, then you have no expenses to worry with.
you WILL have to make sure that there’s profit in the deal for the investor. otherwise why would he take it?
If there’s profit in the deal for the investor, and you can make a couple thousand flipping it directly to an investor/rehabber, with no out of pocket expenses, that’s a good first deal for you.
what’s your plan if you can’t find an investor to take it? make sure you have contingencies in the contract so you can get out.