I wuold like to say that this is one of the best website i’ve been to.
My question is for anyone who can give me advice on the jitters i’m having about my first flip.
I don’t have a contract done yet because i’m afraid of not having an investor lined up to buy.
I would like to know what I should do. I get different inputs on what I can and can’t do here in Texas. I live in a small to moderate size town in West Texas and don’t know how saturated it is with investors. Any advice would help. Thank you and have a great day.
One way to find out is to gat a deal under contract. It is amazing what you can get done with a dead line. f you have 30 to 45 days that you need to close on the deal or loose $500 bucks, I bet you will find a buyer really fast. You will place ads in papers, make cold calls, get a FSBO sign in the yard perhaps. With a deal line you will get it done by seeing the end results and focusing on those ends. Try $100 earnest money even but just do it. When I put my last deal under contract I did not have a lender and even the $500 check was hot for the earnest money. I knew I could get it done but did not know the details, I just knew it was going to happen. Very powerful stuff.
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First things first…To have a successful flipping business you have to buy right. 1) Can you get this property for 60% of the ARV or better? If so you have a deal. 2) Finding buyers can take a little time, but when you turn your contract into the title co, you will have a couple of weeks to find a buyer. If it takes you longer, blame the delay on the title co…he he. Now finding buyers…to me the real estate business is all about networking and marketing. Local real estate club meetings are a great place to start. Make 20 or 30 flyers with the property picture and info, and pass them out. When I’m having trouble finding buyers, I look to the county tax roll. Almost all counties in Texas have theirs online. Look for “non owner occupied”, and investment companies in the area where the house you want to sell is located, and send them a flyer, or better yet, call them. Everywhere you go, talk to people about real estate investment, I found a guy today in a tile flooring store that wants to buy property from me. Retain, and build your list of buyers!..lastly, you have to take risks like not finding a buyer, and not being able to close if you want to succeed. I personally never offer earnest money, I just skip over that part of the TREC, but that for another discussion(argument) he…he… Good luck !
Thank you for the advice. I will have to take the leap and rely on the advice I get from the replies. I will let you know how my first deal goes. I’m sure I will have a lot more questions in the mean time. Thank you