Getting Started (agents, Realtor, buy homes, buyers)

[justinpaul04]

Hello all, my name is Justin.

I have recently been to a seminar with Armando Montelongo and was to try to get into "flipping" houses.
Does anyone know anything about this business?
How do I get a realtor to assist me in areas of pulling comps and finding good investment houses? I have email a few but have not gotten any responses.
Does anyone know if Charlotte, NC is a good market? Or how can I tell where is a good market?

Anyone with info please give it to me as I want to provide a better life for my family.


Thank You,
Justin.

[keeperk]

Is it one of those things that doesn't cost you a penny to join? EXCEPT: 5 or 10K upfront and you give them X dollars of your first few sales?
It's a scam.

One of our beloved talk show hosts for an am show hosted one. I heard it on the radio, was told the DJ was a good guy and would not condone a scam. So I made my appt., showed up, was all excited and very curious then came the EXCEPT. Yep, it was a sucker scam. I left disappointed.

One day that DJ called me about buying land. I asked him about that day, he said, oh! you mean that scam? I said yes, and if you knew it was a scam, why did you advertise it? He didn't know it was a scam until he showed up either. They shared with him when he got there that these people go from town to town, it's all in the numbers for them. They know for x people that show up, x will sign up and pay. They don't give a flip if you make it or not as they have your money anyway. It's just a traveling circus show. He was into buying long term investment property and almost got sucked in himself.

My big curiosity was what secret do they know about making money in real estate that I didn't know being in real estate? No big secret there to find!

[MikeJaquish]

Originally Posted by justinpaul04

Hello all, my name is Justin.

I have recently been to a seminar with Armando Montelongo and was to try to get into "flipping" houses.
Does anyone know anything about this business?
How do I get a realtor to assist me in areas of pulling comps and finding good investment houses? I have email a few but have not gotten any responses.
Does anyone know if Charlotte, NC is a good market? Or how can I tell where is a good market?

Anyone with info please give it to me as I want to provide a better life for my family.


Thank You,
Justin.

Justin,

Charlotte is as good as any other place right now.
Don't go to any more seminars. It is a waste of money.

I suggest you contact, and possibly join, a Charlotte/Mecklenburg area REI group. Real Estate Investment, that is. There will be some shysters hanging out, but a pretty fair local knowledge base, and you may find someone who will help you with a little mentoring.

What is your background in real estate? Have you renovated homes before, and/or had other hands-on construction experience?
Or have you been involved in the real estate arena in some other way?

Do you have contractors lined up, so you can go to work immediately once you close on a project house? What is your relationship with those contractors? Have you used them for other work, so that you know they offer quality and reliability?

What are your criteria for a project house?
I suggest:
Location, Location, Location
Potential for great curb appeal
Minimal incurable deficiencies
Sale price that reflects deficiencies and any other compromises, and leaves room for a profit.

You need to recognize that agents get calls and emails like yours on a routine basis, mostly from people who don't have their fundamentals in place. I have wasted a LOT of time with people who are unable to do a deal, and have become much more selective in qualifying flip clients.
Knowledge and skills in housing issues, funding or cash, ability to close, ability to sort through properties are fundamentals you need to demonstrate.

You must show credibility to get a response, as good agents are busy.
If you are emailing agents and telling them you want to buy homes at 30%, 40%, or 50% "Below Market Value," they will probably not respond.
If you are emailng agents and telling them about your skills, your credit preapproval based on investment property or your cash capability, and your desire to buy suitable properties at 60-70% of ARV, After Repaired Value, you might get an answer.

Recognize that the competition is stiff, and your competition will be making cash offers, have crews in place to turn a home in 3 to 6 weeks, will buy without contingencies that protect the buyer. And your competition is scouting and scouring the market personally as well as using real estate agents.


Good luck!

[yellowsnow]

You're a few years too late. To make a profit flipping now, you would have to be a consummate expert. The days of putting on a coat of paint and some new bathroom fixtures for a 50K profit are long gone. I bet they didn't tell you in that seminar the housing market has crashed. Even people who have been in their homes for years are selling with nothing to show for it.

Get your money back! Seriously! I can't sell my house at all. Even listed for less than the 2000 appraisal. There are no buyers! Homes are dropping in value, not appreciating. Right now, you would be better off with a McJob!

[justinpaul04]

Thank you all for replying!

I just want to start off by saying that I did not pay anything to the seminar, and I did not buy any of the products offered.

Also, I relize that I am not going to make $50k in profit. I would just like to make enough to do this.. rather than having a "McJob".

Thanks for all the info MikeJaquish!

[jimj]

Not to depress you but at this stage of the realestate market you'd be better off investing in Enron stock!
No one has a clue what's going to happen in the next 6 months or longer so unless you have VERY deep pockets and can hold an empty house for months on end or have enough cash to buy an extreme forclosure you are risking your financial health beyond Vegas odds.