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Flipping Houses – contract first

http://www.youtube.com/watch?v=DyCSDWBENwc

1. Do your research up front – talk to the seller, research the property on the internet and make a cash offer, either by fax or phone.

2. Get the property under contract… first! Then make an appointment to go see the house.

3. Renegotiate or cancel, if necessary – If, when you see the property, feel that you’ve been mislead, either renegotiate your purchase price (down), or cancel the contract altogether, due to a failed inspection.

If the property is satisfactory, flip it and make a lot of dough…

The Maestro

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Posted under: Flipping Houses

4 Responses

  1. derron says:

    what up Maestro i listen to your video on contract first. my question is how to do research? i don’t know where to go for comps and i don’t know how to read them. can you help me? what are the steps to use when you’re doing research on a property?

  2. Andrew Massaro says:

    Sup Derron! It’s hard for me to detail everything that needs to
    be done on this blog comment. The best thing to do is buy my
    e-book, which also comes with my brand new advanced study
    guide for free. However, I’ll do my best to give it to you in a
    nutshell.

    You can pull comps on sites like realquest.com, which costs money.
    Or, you can go to a free site, like zillow.com, which is free. I
    use the free sites. I like realquest, but due to market conditions,
    my determined ARV was consistently coming in high. So, I figured,
    why pay if i can’t make it accurate?

    There is a whole science behind determining ARV from pulling
    comps. I actually have created powerpoints on the very subject,
    as well as put an entire chapter in my new adv study guide, Raining
    Cash. It’s tough… and the current housing market makes it tougher.

    My recommendation would be to get a mentor, who can teach you
    this science, or, at the very least, buy my e-book at http://www.flipsforcash.com.
    That’s not a shameless plug. I honestly devote time to the subject.
    It’s just too involved to detail here.

  3. Daniel says:

    Maestro,firstly thank you for the killer tips dude question how do you cancel a contract even if the house is good but you can`t find a buyer,

  4. admin says:

    You need to have a clause in your purchase contract about an inspection period. This is your out-clause in case you can’t find a buyer. If you cannot locate a buyer, you do one of two things. One, you can attempt to negotiate an extension with the seller. This is only in play if you feel like you’re close. Or two, you send over a letter, explaining that you are cancelling the contract due to a failed inspection. And that’s that.

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