Real estate flipping market....?

Question

I know the flipping market is kinnda down right now....when do you think its gonna get better? in LA when is a good time to start flipping?

Answer 1

I don't know what you are waiting for, there are investors in Los Angeles flipping properties as we are on Yahoo now. The thing you need to know is what you are doing.

It is always a good idea to flip when you know what you are doing. In this regards you would normally select an area of your choice that is good for you to work and close to where you reside.

I would suggest that you go to your local book store and purchase a couple of books on foreclosures, distressed properties, and buying, rehabbing and flipping. You might also find several other books that you would like to purchase. You might also find a few listed in your public library.

You might also purchase one of the TV guru's programs. In the program you will find several things of interest. You will find script to use on potential individuals that you would want to purchase their house. A slew of legal forms that you can use as well as a formula that will tell you if the property you are purchasing is gonna give you a profit or not and how to use the formula.

Their package will also tell you things you should look out for in your purchase as well as things to that you should beware of.

You should form yourself a professional team to assist you in your newly found career. This is a partial list that you might start with an attorney, real estate agent, a mortgage broker, a home insurance agent, a notary public, a title rep as well as an escrow closing agent. You might want to add or take away depending on how you feel.

You will also need to develop away to market yourself so you can have an unlimited amount of properties to buy and sell even in a slow market. I will list a couple of ways to accomplish this.

#1 Advertise in the local newspaper that you purchase foreclosures and other distressed properties.

#2 Purchase a foreclosure list from a list broker (Do a mailing campaign like everyone else)(You might also cold call off this list but you must beware of the no-call list)

#3 Select an area in your city to devote full time work in. Walk the area for about 2-3 weeks telling the folks outside their homes what you do pass out flyers out ling that you buy foreclosures and distressed properties as well as probates.

After 3-4 weeks of walking in the neighborhood, contact your title rep and ask for a farm package of the names of the people in your farm area. Now each month mail a newsletter to the names on your farm list.

This method should give you 1-2 housed per month to buy and flip, word of mouth will give you another 1-2.

That will keep you busy with enough to do and earn. You can always expand and you will as you learn more about your trade.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

Wow - this guy (above me) has got you spending a ton of money and doing a lot of unnecessary work.

Yes you can "flip" in today's market. I am a real estate investor and I am in 5 transactions right now. 2 in So Cal 2 in Texas and one in Charlotte. It is all very do-able and not very difficult. I work for a national real estate investment company and that (all of that) is exactly what we do. We help investors buy, sell, rehab and make money - inside and outside of California. I'd be happy to give you a few tips on how you can get it all done with a lot less effort and money.

Feel free to contact me through Yahoo.

oh, and dont forget to pick me as your best answer :-)