W
WebBoard
Guest
To flip or not to flip? This is the question.
Reply: 2.1.2.1.3.2.1.1.1.1.1
From: Robert Forward
G'day Mate
There are bit of your last posting and my last posting in here.
>>The thing with flipping Owen
>>is that the price I negotiate
>>a property to is the price
>>that YOU (the FLIPPEE)
>>purchase the property at.
>
>How do you know 1) that I want that property
Because you want a positively geared property and you don't have any investor snobbery. That I will find out by talking to you about what you want etc...
2) that it's a price I will
>pay. I'm assuming you already have a
>relationship with me and are working on
>my behalf?
It will be that price because you sign the contract of purchase (not me) and you pay the price on that contract. Also we will talk about how much finance you have and will work within that.
>Me being an investor I guess
>you know what I want ie I'm a developer
>or a renovator or a landlord etc.
Yes by talking to you and finding out what you want.
>>This property I am purchasing was
>>going to be flipped, until the
>>flippee pulled out.
>
>This is your $84K property we are
>talking about? Definitely the risk, but
>not really a problem if your not on the
>contract. If not then why are you
>purchasing? Just a good deal?
I am purchasing because my flippee pulled out at the very last minute and it was too good a buy to let it go to waste. So I picked it up myself. Simple really.
>>I am then due, upon settlement, my fee
>>for negotiating the property
>>to that price.
>
>...prearranged with the Flippee?
Yep
>>All I do is find properties
>>and negotiate to an extremely
>>good price. You do your due
>>diligence on the property and
>>purchase it.
>
>So you find the property based on what I
>want, negotiate the price and then I do
>title searches, comps, etc and decide if
>it a good enough deal for me to buy at
>that price.
That is correct.
>>I don't always look for the
>>buyer first, though I have a
>>number of people that I can
>>pass good deals to quickly. I
>>am always looking both
>>properties and people to deal
>>with for flips.
>
>This is the stumbling block for me. If
>you have a property, negotiated a price
>and have no-one to flip it to, what's
>keeping that price in place while you
>find someone?
Nothing, that is why I ended up buying the $84k deal. It had a time limit on it set by the vendor. And why I always need you to be financed up ready to go. So 1) it is a csh settlement 2) it is a quick settlement. Both of which will lead to better negotiations.
>What's stopping you getting gazzumped? You >are relying on your list of flippees being >ready to buy from you.
Yes.
I hope the above clears the, now, dirty water a wee bit.
Cheers
Robert
See this is fun hey...
Reply: 2.1.2.1.3.2.1.1.1.1.1
From: Robert Forward
G'day Mate
There are bit of your last posting and my last posting in here.
>>The thing with flipping Owen
>>is that the price I negotiate
>>a property to is the price
>>that YOU (the FLIPPEE)
>>purchase the property at.
>
>How do you know 1) that I want that property
Because you want a positively geared property and you don't have any investor snobbery. That I will find out by talking to you about what you want etc...
2) that it's a price I will
>pay. I'm assuming you already have a
>relationship with me and are working on
>my behalf?
It will be that price because you sign the contract of purchase (not me) and you pay the price on that contract. Also we will talk about how much finance you have and will work within that.
>Me being an investor I guess
>you know what I want ie I'm a developer
>or a renovator or a landlord etc.
Yes by talking to you and finding out what you want.
>>This property I am purchasing was
>>going to be flipped, until the
>>flippee pulled out.
>
>This is your $84K property we are
>talking about? Definitely the risk, but
>not really a problem if your not on the
>contract. If not then why are you
>purchasing? Just a good deal?
I am purchasing because my flippee pulled out at the very last minute and it was too good a buy to let it go to waste. So I picked it up myself. Simple really.
>>I am then due, upon settlement, my fee
>>for negotiating the property
>>to that price.
>
>...prearranged with the Flippee?
Yep
>>All I do is find properties
>>and negotiate to an extremely
>>good price. You do your due
>>diligence on the property and
>>purchase it.
>
>So you find the property based on what I
>want, negotiate the price and then I do
>title searches, comps, etc and decide if
>it a good enough deal for me to buy at
>that price.
That is correct.
>>I don't always look for the
>>buyer first, though I have a
>>number of people that I can
>>pass good deals to quickly. I
>>am always looking both
>>properties and people to deal
>>with for flips.
>
>This is the stumbling block for me. If
>you have a property, negotiated a price
>and have no-one to flip it to, what's
>keeping that price in place while you
>find someone?
Nothing, that is why I ended up buying the $84k deal. It had a time limit on it set by the vendor. And why I always need you to be financed up ready to go. So 1) it is a csh settlement 2) it is a quick settlement. Both of which will lead to better negotiations.
>What's stopping you getting gazzumped? You >are relying on your list of flippees being >ready to buy from you.
Yes.
I hope the above clears the, now, dirty water a wee bit.
Cheers
Robert
See this is fun hey...
Last edited by a moderator: