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
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.
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)…
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.
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)…
Well if you have someone that will do that for you, go for it. That is the best way to learn
: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 !!!