how long to find a flipper?

Question

My husband and I want to find a flipper, and we're putting a bid on one today, but if that doesn't work out, how long does it usually take to find another? I'm looking at 90,000 and less, and not a big fixer upper. We took out a refi, and untill we invest in something, our money is sitting doing nothing, and costing me 5 %(manf home). (originally the bank told me it would be a line, so this caught me off guard.)

Karin Crompton · Answer

Actually, @Will Barnard is a guy with a ton of experience and he did you a favor. His comments above are filled with a lot more advice than you may realize at first glance. The only thing I'd add is that this isn't a business for the thin-skinned. We all make mistakes constantly, and part of the trick is to set egos aside and analyze what we did objectively. And don't get defensive when someone points out a mistake. If the comment comes from someone who doesn't know what they're talking about, maybe you just ignore them and move on (best choice, imo). If it comes from someone with experience, be grateful for the person extending a helping hand - and grab that hand, don't slap at it.

Will Barnard · Answer

There is no one size fits all and all investors and areas are different. You could find a deal tomorrow or it could be 3 months from now. How hard you work and how good at that work you are will be the determining factors. The fact that you took out a loan and ended up with payments that you did not anticipate tells me you acted without proper due diligence or understanding of the loan you took out. That scares me in that you could then make a second mistake and buy something in a hurry that is not a good deal. Make sure you are educated in flipping BEFORE you buy.

Will Barnard · Answer

Dawn, I was certainly not calling you stupid, merely pointing out some concerns I had for you that were ascertained from your posting. I agree with you that sitting on your hands gets you know where, but that is not your only option. Not investing in a flip right now and getting educated in it is NOT sitting on your hands. I also would agree that perhaps you are a bit sensitive. Again, I was not attempting to insult you but help you, sorry you did not read it that way.

Carey Usher · Answer

How long to find a flipper will depend on how much time and effort you put into looking for one I would think. I'm speculating as I'm new to the game and still in learning ALL the aspects of Real Estate and Flipping of such. I want to become a pro at it and not make mistakes at least little mistakes IF that happens. Not saying mistakes will not occur how-ever. So far I'm learning a great deal. In my area there are around about 2700 properties either in fore-closure, abandoned, for Sale by owners and REOs. In my geographical location (radius) of 1 mile I've came a cross close to 90 such places. most of which are empty few have for sale with occupancy. Several could use some TLC badly, others very little needed. Can't wait for warm weather to begin here. I'll be busy alot

Jason Eyerly · Answer

How long it takes depends on how hard you work. Do you know other investors in the area? Do you have any wholesalers you can call? Do you have investor friendly agents from around your area that can help you find a deal? Are either of you licensed real estate sales persons that have access to the MLS to find deals, comps, etc?

Dawn Young · Answer

We could also use the money to fund two used manf home rentals on our own property. It will just take a 2-3 months before our subdivide is finished (we're about half done, and we have done that before). We'd like to do a flip if we could in the mean time. We are not stupid, please do not treat me that way. I'm doing all the research I know how to do, but sitting on my hands will get me no where. Our lender just went back and forth, and I am furious with them, obviously. Its a no-fee loan and we could just put the money, back or even cancel (I have one more day), but I'm afraid to do that as this house has been twice moved, and I'm not sure that they would lend on it again if they had caught that, they never asked. We are putting in a pretty low offer on this repo, I doubt we'll get it, but if we do, it would be great. I know I'm too sensitive, but really, i think you're being a little harsh. We're not trying to "get rich quick" Just be responsible with our assets and abilities.