Flipping Without "Flipping"

[David Wurzel]

I’m looking for feedback on turning over properties not requiring a contractor. I have no desire to “flip” in the contracting sense of the word.

Is a successful strategy focused on a majority of wholesale or retail properties?

Would you focus on single family, vacant land, mobile home, or condo?

I would rather buy and turn over without doing anything.  Or, is doing very minor repairs, then hold for the cash flow and later on mortgage a portfolio a better idea?

Looking to buy REO, tax deed, foreclosure, Homepath, etc.

Thanks in advance for your thoughts.

[Tom Mole]

@David Wurzel, I've gotta love your focus. You are a man that knows what he's looking for and you're clearly not afraid to ask for it. That can take you a long ways in real estate investing.

That said, however, I would caution any business plan that depends on making a lot of money without the willingness do the hard or dirty work is destined to die a short, disappointing life. The reality as I know it is that if it's so easy that any monkey could do, then every monkey out there would do and there would nothing left for the rest of us.

"Quick flips" are possible. They do happen, but usually by well seasoned investors. Occasionally a new investor will stumble upon a great deal. Their stories often make it seem as easy as dropping a quarter into a slot machine that always pays out.

Perhaps you'd consider partnering with someone who would willingly rehab the properties you find in order to add value. You'll no doubt want to partner with money people. You'll want have attorney's, a tax man, property management, bookkeeper, etc. Real estate investing is a team sport, so why not team up with someone willing and able to do what you are not?

If this sounds like eating an elephant, keep in mind that it can be done....one bite at a time. If you, however, you find that you don't like the taste of elephant, admit it and find something you do like. I'm not trying to discourage you. I fear the plan you have layout will be discouraging enough without help from me. Rather, I'm hoping a little feedback will encourage you rework your plan.

Consider finding properties that DO need some rehab. Use the condition of the property to ask for a deeper discount on the price. Get the property under contract and a reputable general contractor to fix the place. Once you've added this value you can sell the property or rent it for cashflow. If you're looking at foreclosure and REO properties you'll likely have to do this anyway. Many of these properties are NOT market-ready.

I hope this helps.