Should I Do A Rehab or a Quick Flip?
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Read Transcript for “Should I Do A Rehab Or A Quick Flip?”
You never have to put up any money or use your credit when doing real estate deals and you don’t have to go to closing to get the money. You can get the money BEFORE you assign the deal. Here’s how.
“One of my main questions is, should I buy newer homes (two to five years old) in pre foreclosure that don’t need a lot of fix up, i.e. carpet and paint, etc. and try to either rehab them or do a quick flip and make $3,000 to $5,000 on the deal? My idea of a perfect quick flip would be to have my buyer bring funds to closing and do a simultaneous closing. Should I gamble on this and risk losing my $1,000 or earnest money?” – Dan Cassidy
Joe: First of all, don’t risk any earnest money. You never need to use earnest money in a deal. This is going to be a recurring theme through everything I teach and I want to make sure that I get it out right at the beginning.
Joe: Regarding going after pre foreclosures, they work and there are people that are motivated sellers and you can make money on them and make $3,000 to $5,000 bucks. You never have to go to closing, though. You can make that money simply by assigning a deal to them, by taking that property over subject to the existing loan or on a land contract that’s assignable, or, take a purchase agreement that’ll allow you to buy the property on terms.
Joe: As we go through these videos, I’m going to get you more information about how to buy on terms. We’ll go into some of that in specific detail, but for now, you need to know that you never have to put up earnest money or credit to make this stuff work.
Joe: You don’t necessarily have to go after pre foreclosures. There are a lot of people out there who want to sell their property who most people wouldn’t consider to be motivated sellers, but they’ll still sell their property under the terms and conditions you need in order to make a profit. Remember, you don’t have to take title to a property to have control of that property and be able to have ownership rights in that property to be able to turn around and sell it.
Joe: You say your idea of a perfect quick flip would be to have your buyers bring funds to closing. Use the assignment form that I’ve given you in a lot of my programs just to assign that deal to them. Let THEM take it to closing, that way you can have the money up front.
Joe: One of the things that I see a lot of is that people will come to me and say, ‘Let me take this property through closing, then I’ll pay you’ and I say, ‘Well, no, I’ve got six other investors that are interested in this property. I’m going to take the money that’s going to come first. The first person that comes up with the money gets the assignment, and then they close the deal.’ Hopefully that helps.