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In this episode, I break down flipping houses for dummies. No one is a dummy but if there was, they'd understand flipping houses because it is explained at a 5th grader level.
Imagine a guy called 'A' who wants to buy a house at 70-75% of its after repair value (ARV) minus the cot of repair so he can repair the house, list it on the market and sell at 100% value for 25% profit.
That's one side to flipping houses.
Now imagine another person and let's call him 'B'.
He owns a property that he needs to get rid of; a motivated seller.
He doesn't need to sell it because then, he would have time to sell at top dollars.
The property has become a liability for person 'B' and he/she needs to offload it off their books.
They don't care about walking with any money but would like all liens satisfied during transfer of the deed.
Here is a couple of reasons why a motivated seller exists:
* Probate/Unwanted Inheritance
* Move out-of state.
* Out of state landlord
* Vacant home
* and many more...
In the flipping house business, you could either be the rehabber or the person to find and identify good deals to wholesale to the rehabber.
It's a very lucrative business model. I was the wholesaler and have done it more than 40 times and I did rehab houses twice.
I averaged a net profit of $25,000 - $30,000 per deal and the highest I have made from a wholesale deal is $82,000
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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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