Over the past 4 years, the art of buying of homes and flipping it for a profit has become a fad; increasingly so in 2010. As the real estate market had gone down, a new style of selling has gone up:
Flipping Short Sale properties.
Flipping is an easy way to earn a quick buck, but it needs deep pockets and nerves of steel to fuel the sale along. When in doubt, go with the safe sell. Even though it may not make the biggest profit, it's the best way to start off. Play it safe at first.
Speed is also important in flipping a house. With the housing market being in a low state, it may be hard to get banks and buyers to work quickly. Make sure you know your bank and have committed buyers so you can sell the house quickly.
Don't make money your main priority. If you do, you will fail at flipping a foreclosure house. Don't spend money you don't have on a foreclosure and try to flip it in 30 days. It will not work. You never know how much a home will sell for, and by grabbing the house with the potential for the biggest profit, you may end up losing more money than you earn.
If you're starting off in the flipping foreclosure business, remember this: Safety, Speed, and then Money. It can be a hard business and it's best to have help along the way. People like me who have been buying and selling houses for over 20 years know the business and can help you down the road to success.
With a proven system like I have, it will help you along the way. I have all kinds of entry level programs from full bore to the lazy river. I would hope that you can work deals with NO Money out of pocket and close quick with my new and improved short sale system that is growing across the country.
You can do like some of my new and old Partner/Students are doing see bellow. I am giving more info on this e-mail than the last one.
Deal 1: New Student/Partner
· Amount owed to bank was $195k One MGT.
· A/B-Short sale lender accepted an offer of $75k. However upon further inspection of property, there were multiple repairs needed. We went back to them with a counter offer of $60k along with a report of all the repairs and it was accepted with a net of $53k.
· B/C-Purchase Price $80K with $5k seller concessions given to buyer (the contract was for $75k but buyer wanted to up price to $80k and get $5k to assist in repairs)
· Time from offer to short sale lender and closing was 150 Days
· We always use the Land trust to help the seasoning issues.
· This was a USDA loan from the end buyer.
Deal 2: Seasoned Student/Partner
· Amount owed to the bank was $188k one Mgt.
· A/B-Short sale lender accepted an offer at $64k and the offer was accepted with a net of $55k to the bank.
· B/C-Purchase Price-$110k with seller concessions given to the buyer.
· This deal only took 90 Days from start to finish.
· This was a Freddy Mac loan and hard to get this done. Not in this case
· We always use the Land trust to help the seasoning issues
· They asked for the trust documents because this was FHA end buyer because of the short fuse.
· All good we got it closed because we can disclose and produce docs.
· We had a little twist in this one because the bank had a 2nd lien against the wrong property because the seller had 2 properties in the same subdivision and Regions Bank had the wrong legal and it attached to this property.
· Make sure you check your deals from top to bottom.
Comments(1)