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How to Find Houses to Flip From The Most Unlikely Source

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It was a week before Christmas and I was just preparing to shut it down for that week …

I remember telling my wife these exact words as I was preparing for a week to unplug.

“I don’t care how good a deal is made while I’m away, I don’t take it!”

The last famous word …

In this business, when a significant deal occurs, you have to accept it and sometimes break your own rules.

No matter what you do Do not break these rules – However, you may have to break other types of rules, such as taking a vacation to win a deal that you would otherwise have missed.

I have to be honest here until this happens to me, I’ve never thought about it before And I happened to find it completely by chance.

But to get this kind of deal, it’s not really a coincidence. To get them, you have to do one thing consistently. Communication network Please put yourself there.

You expose yourself, make yourself available, and most importantly Take action… Then good things will happen to you.

And you too will start finding such deals from the most unlikely sources …

How to find a home to flip from the most unlikely sources

If you are an active investor, you know the trick: find a property and most will be rejected, but put in an offer – and eventually a small part will be accepted ..

However, investors may make multiple offers, and for some reason, quite unexpectedly, they may enter into two or three contracts. All at the same time.

The problem is that in some cases it may not be possible to handle one or more at any given time. So, so to speak, I suddenly realize the embarrassment of wealth turning over the house.

Maybe they can’t get the money they need to raise money, banks won’t let them borrow, or there may be some complicated unexpected title issues. Whatever the reason, they cannot complete the transaction.

In my market, I see investors buying real estate under contract.I think they have money, but private, banking, or Hard money – For some reason, you cannot close a deal when the time comes.

So a real estate investor with great knowledge for you Turn over a house without moneyy, this is a great opportunity for you!

In some cases, these investors may not be able to process all three projects at the same time. It doesn’t matter what the reason is, but the point is that other investors may have a headache and want to take down the property they have a contract with.

So, since I learned this technique a few years ago, I have a very different perspective with my fellow real estate investors in my market than when I first started investing. I treat all other investors in my market as potential partners and not necessarily potential competitors.

And me very Propose the same thing …

Some of these people may become your partner at a later date. Or it could be another like-minded individual who can share ideas and be friendly. Opportunities are in your market, real estate investment circles aren’t that big, so treat everyone as potential friends and partners until it proves otherwise.

And even in such a case You can potentially partner with them too.

Impossible house flip

The first houseflip we did this way was with another investor we met at the REIA meeting. We weren’t particularly intimate, but we knew each other well because he trusted me and saw me doing a fair amount of business in my area ..

He was making two deals at the same time and thought he would close both. Unfortunately for him, in one transaction he was funding through a bank, they saw this other transaction taking place and felt he would be over-leveraged. ..

They suddenly refused his loan, he was left with two transactions, but funded only one.

That was when he called us.

So he called me and said that one transaction was in progress and he needed to close another, but he would lose his deposit if he didn’t close the second one. He offered me a deal in exchange for his deposit.

So I called him back and told him I would take a look. So I drove to the property and within 20 minutes found it to be a good deal. He had very specific numbers regarding the refurbishment, and I rated all his numbers, and he was just above the button. The comp he performed was also correct. So, at that point, Christmas was approaching, and the kicker said I had to close within a week and a half or two. It was crazy.

Christmas Holiday-Forget it!

I immediately called him and told them to remove it from his hand. We now have a great five-digit profit.

To date, we have a very good relationship and since he is a real estate agent, he has actually brought me other deals since then, but at this point they are all real sales. did not. But nevertheless, the relationship still exists to this day.

“Too much money” problem

We are actually in a very strange situation right now.

There are a lot of transactions going on right now, and there are many transactions in the pipeline, but in reality, you can use more money than you can to fill that money.

Don’t get me wrong. This is a great situation. I’m just having a hard time wrapping my head.

As a result, this “competitor” method is the one we are using more and more these days. This is especially true as we become better known in our communities and regions. This is a happy achievement of previous success and should be worked out when you first start.

This method of finding a deal is especially interesting because it’s certainly a way to find a deal that I probably didn’t even think about a year ago.

How to get it against your intuition

When you think about it-this way of getting properties is completely counterintuitive- Why find a deal from someone who is essentially your competitor?

But when you think about it, no one is your competitor – everyone in your real estate investment community is a potential partner – in some cases you aren’t particularly close.

But especially for other investors …

This is a more advanced strategy, which may be the case for those with a little more experience in the market, but it’s still a very good way to find a home to turn over. Try it for yourself and see how it works.

Did you get this far? Please leave a comment below. What do you think? Is this a good strategy? Have you ever done this kind of thing?

Please leave a comment below and let us know what you think!

Photo: Fl ?? d

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