Cody THOMAS is a Real Estate investor and a Realtor
http://www.myforeclosuretips.com
How can you flip a contract, instead of a property?
You have seen the Carlton Sheets or Ron Le Grand advertising about making a fortune in the real estate business. And you still wonder if it is true or false.
Well, stop right here, save your money and read this 'No risk, No money, No nothing' way to make money with no money down STEP BY STEP and FOR FREE!!!.
Let's say you find a property for sale, maybe a 'for sale by owner' or anything else. Do your homework and know how much that property worth. Let assume the property worths $100,000 market value today and the owner wants to sell due to divorce, foreclosure or whatever the reason. The transaction will be easier if the owner is motivated to sell.
He is asking $95,000 for quick sale. Make sure this property can sell for around $100,000 easily.
Now do this step by step:
- Get an offer as low as possible. (Let's say you got it for $86,000)
- On the contract, buyer is 'Your name AND/OR ASSIGNS'
- Closing date in 60 days (more is even better). It gives you 60 days to try to sell it before to go to closing
- Inspection within 60 days (more is better)
- And you buy the property 'AS IS' with right to inspect.
- Disclose the facts that you do this as an investor, meaning you do that to make money.
The next day you advertise that property in the newspaper for $98,000, or $2,000 less than market value. Of course, the highest, the best. But by selling below market value, you will definitely get lots of attention from rehab people and other investor or even buyers. Now or you sell the home for $98,000 and you make an addendum to the contract saying this: -Contract assignment to 'Mr. New Buyer' for a value of $12,000 to be paid at closing.
This addendum needs to be signed by first seller, by first buyer(you) and by second buyer. At closing, you name does not appear on the deed, the deed will go from first seller to second buyer. You just get your $12,000 check.
Or you did not sell within 60 days. So day 50 or 55, you do an inspection and because you bought it 'AS IS' with your right to inspect, you will not buy the property because you will not be happy with the inspection for whatever reason. Lost of inspection fee ($150-$300)
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