2 WAYS to flip houses

I get you are just starting out in the biz with limited funds to invest.
I am in the trenches every day. I didn’t even know what REI stood for till I logged on to MB last June, now I have a thriving SS biz, a mitigation company, and been having a FLIPPIN good time with wholesaling
I will tell you what worked for me in just over a year…with less than a thousand bucks.
I hit the archive here for about two months straight took notes researched everything I could find on SS, options act Bought Biker Jims Sub/2 course in which he said the way to get started cheap was bandit signs…He had dialog for phones which I practiced every night with live callers… from my signs I stuck…Thank you Jim!
I started with $570 for 500 bandits and $55 for a bundle of stands. Simple I BUY HOUSES and my #
I realized I needed a mentor and to hang around like minded people. I found our local investment group where I also made friends with Dan Auito and John Ybarra who help me get where I am today... You need a mentor!!!!
John loaded me up with course after course; I was doing a course every weekend sometimes two. READ and listen to everything you can get your hands on.
Go find your local Investing clubs and let people know you’re in the biz. Get their cards find out what everyone is selling and buying, What you are doing is research finding buyers for the houses you will be wholesaling... you only need to find a handful of buyers to get started… ask everyone there what they are looking for tell them all you will be having property available soon,, most likely they will be bread and butters 3/2/2 or 3/2/1….find out what the buyers are willing to pay for them. You need to find out what the QSV quick sale value is for those types of houses... you must also contact some realtors get them to ad you to their listing cart… Best to find the REO agents they will be very helpful in your biz… you need to study the market and determine your farm areas. Find and build a BUYERS list CASH BUYERS that is. Get numbers and emails…
While all this going on contact a transactual funder and get a POF proof of funds letter. Don’t give up till you get it...there is a boat load of funders out there ask at your local REA.
Also go get 25 blank bandits and a sharpie magnum, write stuff like wholesale houses, Must sell, the buyers will start to find you take good notes on your caller sheets. Once you find what the QSV for your typical target house would be 70k write on your sign 60k and get ready for the phone to start jamming,, when they call just tell them that one is sold but you have new inventory coming available in the next week or two.. Get their email address. Everyone that calls you should ask how many houses they are looking to purchase at that price... If they are in need of a loan? Or are you a CASH buyer. A loan then Tell them you have an associate that can help with that as well refer them and get a referral fee from your mortgage broker…. Find out what they want and GO FIND IT….The key is to find what everyone wants so you have a bunch of buyers… You will have investors wanting to drill you for info stay in control of the conversation. If they ask what you do tell them you contract to purchase houses from clearing houses and banks ad a small mark up fee and resell them for Cash at great discounts. You will stop them in their tracks. Any real investor won’t mind paying you a small assignment fee to find, check out and do all the leg work, and most all usually want more than one. A handful is all you need….
Listen to what the callers wants and find it or provide it, Get in bed with a Mortgage broker, Credit repair guy, other investors who are looking for rent to own folks, or straight rents... You will have plenty of callers for that as well... so Point is never say you can’t or don’t have it you’re in the biz of REI be creative…create income streams.


Ok now you got buyers and need houses, back to the signs I buys, wanted 3/2/2 paying cash, CASH 3/2/2 block
Calls start coming in, some are SS sell them to another investor but here’s the call
OK someone calls you they need to sell today the vacant house is just what you been looking for they owe 50 on it and their back two months in the mortgage and don’t want a foreclosure. You ask will you sell for what you owe and they said yes, after of course you picked apart the house and brought the declining market to the table….You can sell to your investor for 58 to 62.real fast…but Verify the amount owed from the mortgage statement if possible, if not get them to sign an authorization to release mortgage info and take a copy of the statement. You should be able to get a feel if the folks really know what’s owed. The people said they wanted 10k out of the deal and you got them to sell it for what they owed. Simply write on your option in the price balanced owed on first mortgage. Then ad in a clause subject to your partner’s approval... this way when you get the balance from the bank and its more then you figured and it won’t allow a spread you can back out. However if they only owe 45k instead of the fifty that they told you, bingo another five k in your pocket. Now you have a choice here sell it to your VIPs they will expect a larger discount and depending on how many they are looking for give it to them or find a Cash end user for a few thousand more... bandit signs and your call sheets. Remember the list where you told folks you have new inventory coming in two weeks... Oh Yeh ! email them the best three pictures and say great house must see less is more… don’t give them a reason not to look… I always take my options for 30 biz days with another 30 built into the bottom somewhere. This extra thirty made me some money. Now when I started to make some money I would go a clean the houses up, cut the grass fix some trim stuff that stands out. I always sold the houses because I bought them right.
OK no calls from your signs for sellers with target houses. GO
Back to the listing carts find REOs that fit your target, determine the QSV then figure in your fee and some negotiation room and place your offer on a standard P/S agreement and provide your POF letter... You can place a check for 1000 with your title company to be released directly to the agent’s title company upon acceptance of your offer; this is really just saving the agent from mailing it. By doing this you can put multiple offers out on one check. It’s all about how you word it to the agent. If you don’t have the deposit moneys for other than one house bring in a partner if you want to put out multiple offers. You dont want to get an offer excepted and not be able to deposit,,you'll get a bad name fast. You will need to put out quite a few but you only need one excepted. You put your offer in your name and on the p/s I put in page two special clauses section that Property may be closed in my name, my partners name or my corporation. Also you can put 3 days right to inspect in the contract or just leave it blank,, however the bank will send their addendum that has their own customary 5,7 or 10 day. I put in seller to turn on all utilities for inspect. I know that when I inspect I am certain at that point that I can flip it, I have even had the investor meet me there to inspect. And even picked up my deposit for 2k non refundable from the investor in the event he defaults from no reason of me or the bank he loses it. I make the investor aware that he is replacing me as buyer or adding him as my partner to my contract with the bank and I would quit claim me off title after closing.
The sooner you ad or replace the buyer on the contract the easier is to flip. That’s why if you can have you buyer meets you there for inspection and locks the deal. Have the realtor put that change in ASAP replacing you with your partner to close on the property. The investor is your partner.
It is a numbers game does your homework, build your list, and find the REO agent direct.
PS. There are plenty of contracts floating around on this site alone. Find them make it your own.
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