All Forum Posts by: Mike Hepburn

Hi Malome

Welcome to BP

Unless you have buckets of money and or credit, wholesaling is the best way to start. Build up a little capital and experience by doing just flip no fix.

Hi Chris

I am not that busy, every person on the planet should read "The 4 Hour Workweek"

A couple in different friends in different fields are doing this so i thought. Wait a minute I can do this! I will do this. Now i can say I am doing this.

Best of luck

Out of State Investors about to descend on the Chicago Market.

Have a wealth of knowledge and resources willing to share.  Newbies etc.

Need Bird Dogs, Basic Inspections with Photos, Investor Friendly Title Company.

What are good areas? Bad Areas?

Need: Market information, Chicago Information, Off Market Deals.

We are Cash Buyers - Verifiable Proof Of Funds.

Willing to JV on Back to Back Closings  - Just pay the Deposit - We will provide funds to close, including closing costs. - No Points, No Service Charge. We ask for a Totally Flexible share of the profit. This is not an assignment, we will buy in the mourning, sell in the afternoon.

We will also JV with Discounted Performing Notes. Find them from sellers, who put owner financing on, to get deal sold. These can be anywhere in America, not just Chicago. (even in the boonies!)

Deal must make sense.

If we don't want the deal, good chance we can find you a cash buyer.

Disclaimer: JV Deal is subject to change without notice.

ETA about 4 weeks.

Before you put a deal under contract you need a few cash buyers in property zip code and know what they are paying for those properties. Then try to get property on low end of that average.

If you get a property under contact from the mls for a price that cash buyers are paying in that area, doesn't that make you smarter than the guy complaining about "I could have got that myself" OK why didn't you then? (I would not say that to him) Often times rehabbers and landlords are to busy to send 20 or 50 offers per day and have no problem with a middleman. If that is not the case, keep looking for ones that are.

It is not legal to collect finders fee, you are infinging on the territory of a Liscenced RE Agent. The only legal way to do what you are doing write now is a JV agreement. Your name goes on contract. Doesn't sound like they want to do that. The Government helps to protect the Realtor/ broker territory. Small amount they probably won't bother you, but then what do you put on your tax return? Don't call it a finders fee.

I would do 4 or 5 flips and build up your cash a bit.

Hi

Flipping actually means flipping contracts or assignment of contract. Unless you are doing rehabs then reselling. It that case you will need all your money or loans.

For assignment you just mark up your sale price put down deposit, pay some closing costs

collect a finders fee at closing. There are lots other things to do, but they are not costly. If you want to find private deals you have to do marketing and closing. If you can get away with a $500.00 deposit, shouldn't need more than 2K all of which should come back at closing. Sorry have to write a book for whole story. I heard there some good pod casts and books on here under resources.

I don't believe the negative comments above. I got Camerons course 2 years ago, have not used Iflip yet, but am about to sign up for it. I have about 4 email addresses with Camerons people, response is outstanding. They are not selling pie in the sky, you have to make your business work. I have been using a different system, which I don't like. If Iflip doesn't work, I will just sign off, as I know of a 3rd one. No fuss

You can start flipping houses for a tiny fraction of 65K. Worry about holding when you have income and profits coming in