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So is anyone actually finding quality quick turns?

RedlineBrett

RedlineBrett

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Once the quick turn seminars started all anyone wanted to talk about was flipping houses...

Has anyone made any money? I have only had a handful of people ask for comps and even fewer offer me an actual real contract for assignment.

But with 100s of rein members sending out 1000s of letters there MUST be some people that found deals..

Especially at this time of year with fewer buyers and more motivated sellers? This is the best time of the year to get discounted offers accepted.


Curious to see if we end up with a bit more of a dichotomy amongst rein members... quick turn vs. buy and hold...
 
"Curious to see if we end up with a bit more of a dichotomy amongst rein members... quick turn vs. buy and hold..."
Yes you`ll notice this in the future between the ones that have around the same holdings they do today vs the ones that have doubled their portfolio....
 
Brett,
I recently helped one REIN member negotiate a "Creative Real Estate" deal that should net him somewhere in the range of $100k - $140k!

The purpose of sharing this story is to demonstrate to other REIN members that these types of deals actually DO exist! I will not share the member`s name, as I will let him tell his own story!

I am looking forward to reading many of the great stories that will be sure to emerge in 2010!

Happy Holidays!


QUOTE (RedlineBrett @ Dec 20 2009, 10:55 AM) Once the quick turn seminars started all anyone wanted to talk about was flipping houses...

Has anyone made any money? I have only had a handful of people ask for comps and even fewer offer me an actual real contract for assignment.

But with 100s of rein members sending out 1000s of letters there MUST be some people that found deals..

Especially at this time of year with fewer buyers and more motivated sellers? This is the best time of the year to get discounted offers accepted.


Curious to see if we end up with a bit more of a dichotomy amongst rein members... quick turn vs. buy and hold...
 
This is happening a lot in the U.S.

Flippers are buying right off the courthouse steps or the very same day a bank takes over. U.S. banks have become very aggressive in pricing their inventory.

A year ago, if a U.S. bank was owed $100K per door on a property (purchased with neg am mortgage for 0 down), they would price the property at $100K per door. They stubbornly refused to accept that the market was pricing the property at $40K per door. Inventory piled up. Now, once the bank takes the same property, they push it out into the market for $40K per door, fire-sale styles.

A week ago I noticed a bank foreclose on a property that was purchased in 2006 for $118K per door. They put it back on the market for $35K per door and it sold the very same day. Less than a month later, the flipper had done repairs and re-listed the property at $55K per door.

It is becoming increasingly harder and harder to buy REO properties. Sometimes the best you can do is to buy it off the flipper (assuming that they didn`t jack the price too far up to destroy your return).

Having said that, there are a lot of people in trouble and you can make a lot of money from short sales or owners who are still holding on while being seriously underwater on their property, etc.
 
QUOTE (Rickson9 @ Dec 21 2009, 09:27 AM) This is kind of the thing I was talking about:
http://www.youtube.com/watch?v=0LvlAfPUAx0

I`m not interested in what`s going on in the US. Their issues and foreclosure system are completely different than ours.

I want to know if any of the people that recently took the quick turn courses are making any money here in CANADA.. or are at least finding quality leads with real $$ in them.
 
QUOTE (RedlineBrett @ Dec 21 2009, 11:28 AM) I`m not interested in what`s going on in the US. Their issues and foreclosure system are completely different than ours.

I want to know if any of the people that recently took the quick turn courses are making any money here in CANADA.. or are at least finding quality leads with real $$ in them.


As for myself, I have sent 1500 letters. So far, I only had a few leads. I spend 3-4 hours a week on average making phone calls. I believe a strong reason why the yellow letters are not having that much success is because of the target market (i.e., zip codes as opposed to divorces, and so forth)

However, like Tony mentions, I believe the deals do exist, but I myself have not made any concrete money yet with AFS.

Anyone else?
 
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