Los Angeles / Orange County Market?
Greetings,
This is me in a nutshell:
* New Investor
* Enrolled in some seminars (Ron LeGrand, this November)
* HELLBENT on making a deal.
My goal is to flip a property before Christmas. I've read everything I can get my hands on and am ready to make this happen. I live in Orange County in southern California and am intimidated by the high priced market. How difficult should I expect it to be to flip a property when my buyer will have to come up with so much money for an "all cash" deal? Also, is my goal of flipping a property before Christmas feasible to you seasoned investors?
To be very clear, I'm TOTALLY dedicated to making a deal (it's going to be my only means of buying presents this year). Any advice, simple or complicated, would be appreciated.
One suggestion: Start looking for your cash buyers right now. Ask them what exactly they are looking for and in what price range. It will save you a lot of headache when you'll have a property on hand to flip.
Good luck!!!
Alexander.
The first key in being a successfully investor is to first line up
Investors 1st
Buyers 2nd
Locating property 3rd
My concern is that you are looking for real estate to set you up financially in just around 60 days.
Your 1st priority should be income, even if you have to take a job and do REI part time you still have to survive.
You also need to change your mind set on how difficult should I expect it to be to flip a property when my buyer will have to come up with so much money for an "all cash" deal!
I have a simple philosophy "Do not chase money" money has 12 legs and you have 2 who out runs who?
Money is king in real estates, but a simple fact is if you find a good deal money will find you if you simply work the 3 areas above.
[addsig]
I understand your reasoning completely. I have a job to take care of that income, I'm simply looking for a supplement until I have the experience and confidence to build momentum. In the mean time, I'd love to have some extra $$$ to get through the holiday season.
When you say a "good deal", I'm under the impression that it would be 40-50% below market value. 40% on a $100,000 home is quite a bit different from 40% on a $380,000 home (aprrox. median for what I'm finding in Orange County). I guess I'm nervous about making such (seemingly) incredibly low offers. Am I justified in believing this?