Questions on Flipping from a Newbie

I’m Serious. I’m determined. I’ve gathered some information. I have no money. No credit. No Partner… So flipping (wholesaling sounds like the best bet to get my foot in the door)…
You’ll have to forgive my ignorance, I’ve bought or sold nothing yet, and have minimal knowledge of the process.
So, … #1. Say I find a good deal on a property. $12,000. When I notify my buyers of the property, and a buyer calls me with interest… Who determines the profit I will make on the deal? Does the buyer (after viewing the home) make me an offer on it? I read stories of making $10,000 on one deal, sometimes lots more, sometimes less, but how is this determined? Is it up to me to fight for my fair share, or just up to the buyer to pay me what he is going to pay me?

Next… Do the steps go this way, or am I missing something??? 1. get a list of buyers going 2. Find a property for a killer deal 3. Sign a purchase agreement with your seller 4. Notify your buyers of the property 5. Wait for someone to call and cross your fingers? 6. when a buyer calls, ____________(take them to see the property? ) 7. The investor makes an offer on the contract & we negotiate or not 8. We reach an agreement. They can buy the contract for $3,000. 9. Then what??? Do i need to have a title company lined up and just send them the contracts between myself and the seller, and myself and the investor and they will handle the rest?"

Another question, and thank you in advance to whomever is still with me.
Will perspective buyers be asking me “how much are the estimated repairs?” “What is the market value”? Or do they do their own homework and figure this info themselves?

When a home is for sale with a real estate agent involved, how does the agent fit in… Do you submit offers to them, or try and talk with the sellers directly? Can a wholesale deal still be made when agents are involved???

Thanks SO much, and LORD HELP ME!

Hi LordHelpMe,

You have quite a few questions. I would read some of the free articles in the “Flipping Properties, Wholesaling” section in “Real Estate Articles” on this site. You also may want to invest in a course by Bill Bronchick, Vena Jones-Cox, or Steve Cook. Their courses are all over eBay if you want to save a buck or two. Bronchick actually has a book called “Flipping Properties” that you can get just about anywhere.

Secondarily, you can search the forum for answers to your questions, as all of the questions you asked have been posed before. Ask me how I know this…


Ok, here’s how I do it:

I put the property under contract. I communicate to my buyer’s list. I tell them the price. The price all depends on obviously my contract price with the Seller, the repairs & the ARV.

Hope that helps.