All Forum Posts by: Tim Herndon

@Marcus Haywood

Great advice from all the responses above. Wholesaling as a core strategy is great! I know there are many ways to make money in real estate, so my advice would be to focus on one strategy, take action and get some success before trying the next strategy. This way you won't get overwhelmed.

Hi Jerilyn,

Congratulations on your decision to flip houses! You mentioned contract assignments....do you plan on wholesaling? If so this is one of the fastest ways to generate cash flow.

As far as the Attorney goes, you want to make sure that the Attorney you choose is investor friendly. If he or she is not then find another one. This is critical if you are flipping houses.

In regard to "Assignments" it is pretty straight forward. Make sure you get a non-refundable deposit from your cash buyer in the amount of at least $2,000 with a very short (1 day) inspection period. This insures that they will close and if they don't you can hopefully get an extention.

I personally wholesale and cherry pick the best deals to fix and flip using funding from private lenders. If you don't have private money you may wany to consider finding a money partner in the beginning.

Holding properties takes time and money, so If I were just starting out in a new areaI would focus on building a cash buyers list and finding deals. Then cherry pick the best deals to rehab and after you get some deals (and cash) under your belt, hold a property as a rental, providing it has nice cash flow.

I hope this helps!

Tim

Mike,

There is no such software in existence. The only way to find the deals you are seeking is old fashioned marketing. I have a software that shows me distressed properties i.e. pre-foreclosures and reo's. However, it doesn't flip the properties for me. You need motivated sellers and cash buyers, plain and simple.

Some of the best ways to find these deals are:

direct mail (targeted)

bandit signs

other wholesalers

bird dogs

internet

outbound calls (fsbo's, Realtors, landlords, etc)

I hope this helps man! Good luck investing