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Flipping homes is as simple as helping a home owner who is in distress and making $20,000 in the process but Flipping MLS properties involves this 7 steps and 3 perquisites.
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3 Prerequisites TO FLIPPING MLS LISTED HOMES
1. A good relationship with the listing realtor to pull this off even if it's 100% legal.
2. $1,000 Earnest Deposit in Your Attorneys Escrow Account
3. Proof of Funds equals to or greater than purchase price.
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7 STEPS TO FLIPPING MLS LISTED HOMES
STEP 1 - Do a preliminary digital screening of property with comps
STEP 2 -Call the agent and book an appointment to see
STEP 3 -Go and see the property at scheduled time.
STEP 4 -Create a preliminary repair estimate
STEP 5 -Create your offer in (.65ARV - Repair Estimate)
STEP 6 -Email your offer (Contract, $1,000 Deposit and Proof of funds or Pre-approval letter)
STEP 7 -Wait for response
If offer is accepted, market to your private list of cash buyers at (.75ARV - Repair Estimate)
Collect a non-refundable deposit of $3,000 from the cash buyer with contract.
Facilitate closing using available wholesaling closing strategy recommended in your local market.
NOTE that an end buyer with conventional mortgage financing will create difficulties and restrictions for double or simultaneous closings.
Consult with your local real estate investing friendly attorney at your local REIA.
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ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and father to their 2 Boys. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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