Wholesaling

[REI-NY]

I stopped at another RE forum and it was mentioned that wholesaling and flipping are not the same. I have read that it is, which please clarify. thanks

Michelle

also what is short sales or is this another form of flipping and or wholesaling.

Michelle

[Dan Auito]

I stopped at another RE forum and it was mentioned that wholesaling and flipping are not the same. I have read that it is, which please clarify. thanks

Michelle

also what is short sales or is this another form of flipping and or wholesaling.

Michelle

I would catagorize wholesaling as finding a property, getting it under contract with an assignment clause attached and then finding an investor to buy the contract, here you do no rehab you just find the deal and resell it ($5,000 avg) to someone who wants to work it up to fully realize all the potential profits.

The flip is where you actually buy that property and punch it out, thus increasing its value to the highest possible and then sell it for the max profit on the open market to mostly owner occupants.

The short sale is buying property from the bank by working out a deal with a distressed owner to allow you to get all the vital information of their accounts and then you document all the reasons why the bank is not going to be paid, explaining that they will have to proceed with a foreclosure this will take six months of non payment before the owners will leave with out paying another dime, then the repairs will have to be made and a real estate agent would have to be paid and so forth.

After you present your case you can often persuade the bank to let you assume or refi the property and become the new owner at a substantial discount as they see they are going to lose even more if they don't go the way you suggest...

PM and I'll put you in touch with an absolute expert if you would like to learn this facet!

Randy Lee at www.purpose.4t.com has the best short sale course I've ever seen. Very easy to understand and there is no hype. Apply yourself and you could do it!

[REI-NY]

thanks PM sent

[Dan Auito]

thanks PM sent

Ditto :~) :SM135: