All Forum Posts by: Dustin P.

$3-4k tops

 A flipper will go in and upgrade everything to match the top comps in the neighborhood, while a renter buyer will go in and make it clean and rent ready but not necessarily update it all the way to the same degree as a flipper (Caveats to this, but in general)

An example may be tile flooring. If a house has the old 12x12 tiles, a flipper will typically demo it out and put new wood look flooring either tile, engineered hard wood or LVP. A rental buyer may just clean it and keep the tile. If the house had carpet, a rental buyer may switch it out for tile or LVP because carpet is difficult to keep clean with renters

For showers, a flipper will typically tile the shower with a nice looking tile, redo the vanities and fixtures, redo the flooring, deck it out because kitchens and bathrooms sell houses. A rental buyer may change out the vanity with a cheap one if it's broken but if it has a nice looking vanity already that isn't 100% updated they may just leave it. They may just white wash the shower and keep the insert rather than do new tile

Same thing in the kitchen. A flipper will typically do all new cabinets, quartz countertops, stainless steel appliances, while a rental buyer may just change something out if it's really old or broken. They may just paint the cabinets and may use formica countertops instead

 This is also a good point. I know it's legal in Arizona and all contracts in Arizona are assignable unless stated otherwise but I have no idea about your state

People will absolutely go behind your back so take your best guess on price and get the contract first

As far as when, put them up Friday at like 5 PM after code enforcement is off for the week and take them down Sunday night before code comes back on Monday

Sounds like a pretty standard system. Just do a lot of it until you get deals

The best thing I can say is be realistic with your expectations. Learn as much as you can, but be wary of paralysis by analysis. Your first couple deals will not be great deals more than likely, but you will learn the most by doing deals

I started out with a large wholesale company and then flipped my first house after about 7 months. I didn't do as great on it as I thought I would but if I went back now it was a killer deal and I would have crushed it

I would also work on saving money. Don't fall into the "Do deals with no money" trap IMO

Last thing I would say is be mindful of the market. A lot of resources out there have not aged well with our current market. If you are looking to buy a flip at 70% ARV minus repairs for example you will likely never do a deal unless you luck into something amazing

Tell her sure if she pays for it

You need to get them to sign a contract and put down earnest money before you re market the deal. Don't ever send a deal out to someone that you don't have under contract, that's how you get burned

If you're going to do this I would just submit the offers for yourself rather than for the wholesaler. Create a holding company and then when you get an offer under contract you can assign the contract to the wholesaler and you get to keep the commission plus any mark up on the deal

It will be a lot of offers though. I tend to get a contract every 10-12 offers, it can take as much as 20 though