Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got a quick video on how to earn Fast Cash Flipping Houses.
Flipping real estate, aka wholesaling, is nothing more than finding a great deal and then passing this deal on to a buyer while you make a profit in the middle. Typical transactions take anywhere between 3090 days.
How do you get started wholesaling houses?
We encourage all investors starting out to build your real estate team first…
Closing agents, insurance agents, real estate agents, buyers, contractors, home inspectors, appraisers, lenders, real estate attorneys, tax professionals
Good place to start looking investor referrals (especially if they have an agent they love working with), local rei clubs, closing agents at title companies
Hardest part is the “ask”
Next, Find your different buyers for your deals
cash buyers, borrowing buyers, rehabber landlords You want to first find out what your target buyers are looking for so you can focus your searches when looking for sellers.
Good places to start looking online, craigslist, social sites, local newspaper, rei clubs, agent referrals
Finding your sellers
- Own website squeeze page capture passive leads
Real estate listing sites paid and free search for specific keywords like “asis” or “needs work”
- Ads craigslist, newspaper, online paper, newsletters
- Flyer campaigns that are neighborhood specific
- MLS expired listings deals that didn't sell
Deal Analysis
- core fundamental that every investor must learn
- first thing, pull comps similar property types bedrooms, sq, ft, year built
- Consider holding costs insurance mortgage etc..
- Location schools, highways nearby?
- Avg DOM?
Seller Negotiations
- Shy? Include a credibility kit
- Scripts and Checklists
Start with simple questions to warm up to the seller
- Gauge the conversation, then lead in with more personal questions.
- Present your offer based on your analysis, answer questions as needed
- Set Terms of Closing Title company, days till closing?
Contract and Clauses:
- just make sure you are given 24/7 access to the property, you want to request for a key so your inspectors, lenders, appraisers but most importantly your Buyers can get into the property with ease.
- contingencies ex: 15 day inspection period to create a buffer
- Earnest money to secure the contract
Various Closings:
- Simultaneous closings (aka. double closing, back to back closing) where the buyer's funds to help close the deal.
- Transactional closings short term third party funds the close.
This was just a brief overview of how to Flip houses. If you would like to learn about how to Flip properties in more detail. We actually have a Free 45 minute CD you can download, that breaks down the process even further. In this 45 minute audio, we dive further into…
- marketing and advertising strategies that attract sellers and buyers
- explain the importance and rolls for each member of your team
- specific costs and fees you should be aware of in any wholesale transaction
- specific negotiating strategies that will bring your deals closer to closing
- additional contingencies that will protect you at closing
- 5 ways to handle your earnest money.
- and much more…
Simply click the link in the description box below.
Fast Start Flipping Houses CD Download
http://www.fastcashcd.com
PASSCODE: YT875
Once again, it is free to you…
The Fast Start to Fast Cash Flipping Houses was created to help make the “getting started” process much easier for the everyday person interested in real estate. If you are an individual getting started in real estate, and you need to know exactly how to get started, then this is perfect for you.
Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing.
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