Hey everybody, great site, question about flipping

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Hi there, I'm glad I've decided to make a go of it in REI. For years I searched for the big deal - an Internet startup. Truth is, that may never happen. In reality I don't want to work 18 hours a day, 7 days a week as a programmer; sure the payoffs can be huge, but I value my time as well. I'm 24 now. I know REI can be a full time job, especially at the strart. If you think of most of the wealthy people, at least in my country, the United Kingdom of Great Britain, most of them are landowners or landlords. The ones living the best quality of life are making it off investments, like real estate or equitites, not going from tech. startup to tech startup.

So I've read the best way to get started to build up some capital is to flip or wholesale properties. I'm starting off with the equivalent of $50K, but this would only get me a mortgage of about $400K. As has been said, renting is one of the more difficult ways to get started. So, in order to build my cash base with the view to owning future rentals, developing and rehabbing large commercial properties, I'll do that.

One question: You place a property under contract with the seller, with the right to assign to someone else. And you have a proviso that if you can't find a buyer within 30 days the contract is annulled. Now pardon me for my nievete, but are people generally happy to sign their home over to you with no guarantee that you'll buy it (especially if they're a motivated seller?) Don't they want a GUARANTEE that it'll be gone, not just if you can move it? Effectively I would be acting as a realtor with a sole right to their property. There doesn't seem to be much in it for the owner. Somebody please explain this to me.

I look forward to contributing to the site as I go forward in this game.