Networking has begun to pay off. I've met a mortgage broker who flips houses and has given me way more advice than I've ever had from any banker. I've met a couple of realtors who are willing to show me properties even though I'm not yet in a position to buy anything (currently negotiating a property settlement that will give me title to the house I'm living in, with enough equity to buy a project house). Saw a 3-bedroom 1040 SF bungalow today - built in 1958 and in need of some updating; in a very desirable location with good height in a dry, level basement and a spectacular garage. Perfect for a quick reno and flip. Listed at $309,900 (at least $30K below MV) it will be long gone by the time my money comes through. But at least I know that there are some houses out there priced so that a flip could be profitable.
I haven't yet found any consistent buyers - just people who own a couple properties and rent a suite or a few suites, so I'm looking for decent prices on properties with room for improvement to go back on the retail market when I've done my thing. I'm looking forward to "turning tired houses into terrific homes" - starting with my own, by ripping out the sad studio "suites" in the basement and developing a legal, modern 1-bedroom suite.
Maybe my mentor can show me other options when he comes at the beginning of November.
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?