Beginner Questions About "Flipping"
Basically, I am a college student who came across this website after coming across several interesting programs online that had to do with flipping single-family homes with a $10.00 down payment. This seems like the perfect investment because capital resources are almost none for me at the moment. I thought it was a scam until I saw that some members on the commercial side of this site had actually done this successfully and made thousands of dollars.
So I was wondering how realistic it would be to find preforclosure homes, purchase them with a $10.00 down payment, and sell the contract of the home to another investor at a higher price within a day or two ( without making a mortgage payment)???
If it is possible, how would I get started??? Thanks so Much!!!
You start by building your list of buyers. Join your local real estate investor club, call teh we buy houses ads, and compile the list of investors in your area. Then, you start advertising to get these motivated sellers, newspaper ads, postcards, you have to work at it.
[addsig]
Am i going to need a network of good lawyers and accounts to help me through the process or is it easy enough to do myself once I do a lot more research??? Also, what are the major risks in a venture like this?? Is this considered "flipping" or a "short sale"???? Thank you so much!
Another factor to consider is that you need to educate yourself & understand how & why you can do these deals.
Once you sign a contract to purchase a property, you have rights to that property. You can sell those rights or assign for a fee. The $10 is just to make the contact binding as valuable considertaion as required by some states although a bilateral or verbal promise is sufficient in other states.
rementor76
**Please See My Profile**