ATTN: Flippers: How do you find people who want to buy houses ASAP?

Question

I'm going to try flipping homes, I know I'm going to need to sell it within a week to a month. I'm not a real estate agent and I've never done anything like this before. So I've done my homework on finding sellers, but I have no idea where to find buyers that are ready to buy within a week to a months time. Any help would be greatly appreciated!

Answer 1

That's what a realtor is for. It will cost you 6% but it will be well worth the money.

Answer 2

First off, you do not want to buy properties, rather you want to control them. That means, tying them up in contract and having the ability to sell the contract if you wish. I regularly deal with such 'wholesalers. ' Here is a general rule of thumb that means you wont go wrong. Your maximum allowable offer should be 70%-repair costs-your assignment fee. I regularly buy at 60 cents on the dollar, maybe 4 a month and wholesale them for 70%. The reason that this is the magic number is because typically an investor is going to be using hard money and that is their guidelines. If you cannot buy for those percentages, you probably are not going to make much money on a deal. The other way to look at it is if you total up your purchase price, all the holding costs, all the expenses, reselling costs, closing costs both ways, legal expenses, financing expenses, and repair costs you will see how 70% is the magic number. I was watching one of those property flipping shows on television the other week and the fella worked his butt off for 3 months, and it sat on the market for another 3 months and made a profit of 20K. The number give by the show was not quite accurate either because from that money has to come capital gains tax (40%) so now we are down to 12K, which represents an increase in his income which will be taxed at roughly 30%, leaving 8K which means he worked 13 weeks for 8K which is roughly $15/hour.

Answer 3

Sign up at the website http://magicbullets.com.
Not only will you find just about any real estate question answered, but it consist of investors who are always looking to buy.

You can also check out http://www.primeamericanproperties.com for information on flipping.

For software that is especially made for 'Flippers' (I think around $79), email me and I will look up the information.

Answer 4

Are you fixing the houses and selling to home owners? If so, set your price 3-5% below "market price". This should speed selling. You could also offer to carry some financing.

If you are buying low and selling to investors so they have room to make money...join your local real estate investor's group and market to them. There should be one in your area.

http://www.nationalreia.com is the site for the national real estate investor's association. You should be able to search for local groups there.

Answer 5

you probable cant. keep a deposit and save round for a private loan like some thing individuals. seem at shared possession deals or evaluate sharing with friends in case you cant get on the ladder.

Answer 6

Go for it Mrs Flipper some has to be the last one to hold the bag.

http://www.breakingbubble.com/index.htm

Answer 7

This article is teaching buyer how to lowballing.
http://biz.yahoo.com/brn/060909/19463.html

These two describe current market.
http://money.cnn.com/2006/09/25/news/economy/homesales2/index.htm?postversion=2006092513
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

Answer 8

why don't you get an agent to do this stuff for you? there are tons of good ones at http://www.idxbroker.com/news/256_IDX,_Inc._Introduces.php

(just click on your state)

Answer 9

Do what Joey says until you get it down