Question: “Can you only do flips on houses that needs a lot of work, or you can do those on newer homes five years or less? “
Answer: “There was a famous direct marketer, the late Gary Halbert, who once asked an audience at a seminar he was leading an interesting question. He asked them if they owned a restaurant, what would be then number one thing they would want in order for that restaurant to be successful.
Many of the participants at that seminar thought they would be successful only if they had a great menu. Or they had great tasting, high quality food.
But the real answer is having hungry customers. If you don’t have a hungry customer, it doesn’t matter how good the food is.
This concept is critical when it comes to doing a wholesale flip with a property. In fact, it’s the number one reason why most real estate investors are not successful when it comes to doing wholesale flips.
Remember that a wholesale flip is selling a property quickly that you have gotten under contract to another investor. The value you provide to the seller is a quick closing and quick cash. The value you offer to the buyer (the other investor) is a good price on the property.
That means you have to get a great price on the property from your seller.
You can do a wholesale flip on any type of real estate. You can do it on raw land. You can do it on commercial properties. You can do it on old vacant houses. You can do it on newer homes that might be fives years or less old.
The most critical piece of the equation is having a motivated seller. You need a seller who is willing to trade some of his equity in that real estate to you in exchange for a solution to some problem he is facing with that property.
I’ve been most successful in flipping properties that needed extensive repairs because the owners of those properties tend to be motivated to get rid of those properties due to all the headaches involved in fixing those properties.
However, a property owner can be motivated to sell a property at a hefty discount due to host of other reasons unrelated to the condition of the property. For example, they might be going through a divorce, they could be facing a medical condition, they might need cash quickly to solve a legal problem, and whole host of other possibilities.
If you are
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