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Question

I've become a bit overwhelmed lately.
With so many ways to do things, and so many different options, I'm trying to figure out,whats the best, and fastest way to immediate profits.
I'm not looking to hold onto properties for the moment, and I'm looking to make a quicker deal.
Ive heard the way to do this is from everything from wholesaling, to double closing, to foreclosures.
Any advice on how to do this?
oh, and I'd like to avoid risking my own capital.

Charles Whitaker · Answer

Matt,

The old adage, "breath" applies here, just slow down and focus on whats at hand. The learning curve will work in your favor, besides, you can't rush the setting of a foundation before you build on top of it.

Wholesaling includes "assignment contracts, double closings" and the such. IMO this would be the way for you to go for quick cash with little skin in the game. What is your experience level? Have you done any deals? These are crucial questions as to where to start.

A contract can be easily "flipped" to another investor for a small fee. You will either need a longer period of time for assignments or some cash upfront to close a property for a double closing. An asignable contract can be a bit tricky at first due to the fact that you are selling property that you do not own but you do save $ by avoiding the closing costs. A double closing requires either $ out of your pocket or the use of a hard money lender. Depending on location a lender will charge upfront points and include interest only payments that are due each month for the term of the loan.

It all depends on where you want to go next.

Jon Holdman · Answer

Melanie Ferguson please start a new thead and ask your question again.  Selling leads when you do not have any contract is generally called "birddogging".  If you get the property under contract and then sell the property, its "wholesaling".  Both topics are discussed in many threads. You'll get more response if you ask specific questions.

Melanie Ferguson · Answer

I'm posting in this thread because my question pertains to just starting in this business. I've taken courses and courses trying to figure out answers and have also read many posts on BP for information. My question right now is if there is somewhere or someone that I could just sell leads to, instead of fixing and flipping myself? I just am not sure I'm ready quite yet to do it on my own. I have a couple of houses that I think would be deals for someone that is qualified. Is there a place for me to just sell these leads?

Thanks for any advice,
Melanie

Daniel Kirkpatrick · Answer

if you want to avoid using your own money, assigning contracts or birddogging would be your best options

Timothy W. · Answer

Good deal.  $525 positive cashflow a month is not bad.  10 of those deals in your lifetime and you will be out of the rat race.  You could easily do as little as one a year and be ahead of 90% of people.

Matt Faller · Answer

Im looking into purchasing a fourplex(well not me, my mom is,i cant exactly purchase a property)
but its going to have about 525 a month positive cashflow, and ill be flipping that under a 1031 to buy a larger property,

Timothy W. · Answer

Matt,
You're sitting on a goldmine city of cashflow in KC......  You could learn how to manage properties, spend the next 5-10 years buying cashflowing property, retire before you hit 35 and never work a day in your life again.  Something to think about.  Fast buck approaches rarely work well in great cashflow cities.

Tim

Matt Faller · Answer

Well my term of "fast cash" is not waiting on my property to appreciate in value, or something of the such.
Assigning a contract sounds like the way to go now,
thanks for the help

Toby Munk · Answer

Yup, cant agree more REI.

Somebody please also show me the no risk fast rewards lane.

Also wanted to add that if you do not have the staying power to weather a storm when things do not go as planned then real estate investing might not be the right thing for you.

Unlike stocks, real estate is not a liquid asset. You can not always get out when you want to.

Account Closed · Answer

You want to make fast cash, take no risk with your capital and otherwise not waste time.

Sounds like most new investors who will move on to something else when they realize that RE does not work that way. Even the ones that do a few quick deals tend to blow up later as they rush into bad deals at some point along the way.

If you want fast cash, get a job.

If you want to be wealthy realize that very few people become wealthy rushing forward. Most make significant investments in time and energy even if that means years of education before creating a start up that takes off.

Crash and burn is normal for fast cash ideas. It tend to lead to better deals for investors who are not so quick as we get to pick over the charred remains.

Good luck.

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