Thursday, February 01, 2007

Property Flipping and Wholesaling

Property Flipping and Wholesaling part 1

I'm really excited because a good friend of mine has decided to get back into buying and selling of foreclosed properties in the Southern California marketplace.

If you are a regular reader of this blog, you know I've been predicting the rapid increases in the foreclosure markets across the US.

Well the time is here and it's really geoing downhill from here.

BUT THIS IS NOT ALL BAD NEWS

In fact, I consider this a correction in the inflated foreclosure markets and the rediculous prices people were asking for their homes. Things are getting better and they'll keep on improving for the buyers throught middle of next year.

Anyhow, back to my friend....

He's spending a ton of money on advertising (and when I say a ton, I mean hundred of thousands of dollars) to bring in leads of people in foreclosure and homeownere who have below market properties.

He's asked me to help him run that division and since this will be a multi million dollar project, I've accepted.

And this is GREAT news for my readers because I'll be documenting some of the property sales, fixer upper projects and resale or wholesaling of these homes.

What's Wholesaling?

That's the process of purchaing a home, placing it into escrow or title and then reselling it while in escrow for a profit.

He just closed a deal where the lead was generated from an ad, house was placed in escrow for $370,000 (valued at $550,000) and resold for $420,000 in less than a week.

What makes this very interesting is the fact that no money was invested in the fix up or maintainance of the home. It was a simple flipper or wholesaling of a fixer upper home.

This is a net profit of $50,000 in less than a week (*Net not dedcuting for advertising costs and few minor expenses)

Anyhow, I hope you are as excited as I am about this. I'll place the videos on Youtube or Google Video and throught the eyes of the video, you'll be able to see first hand what I do with a house from the start to finish.

I am in the process of finishing a 9 townhouse project and once that's done, I'll update this blog more often.

Good luck to all.


Visit Home Foreclosure Investing Blog to read Experts discuss Investing Strategies and tips guanateed to improve ones forclosure buying skills.

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