You're actually not doing a "flip" per se, if you are only in contract. There can be dangerous ramifications of marketing a property that you do not yet hold title to but there are ways to find buyers and lock up inventory. What you're attempting to do is actually called novation and finding the cash buyers is a harder task than many would lead you to believe.
The problem is vetting your buyer and making sure that they actually have the funds and will commit to purchasing the right to the house. I've been doing this for 20 years and I can tell you that you certainly don't want to get stuck with a bunch of contracts gone bad.
If you are truly interested in learning and understand that this is an art that takes many years to perfect, then let's chat.
There are way too many people out there trying to enter an industry at an expert level with novice knowledge and all that does it drive prices down and stall growth in the area.
I have been a landlord since 1988. Apartment rentals include water/sewer expenses, trash and depending on the rental heat may be included. When you rent a house you are responsible for all expenses ....... heat, water/sewer fees, electric, cable, possible gas for cooking and hot water. The landlord pays the taxes and insurance on the building. However the owners homeowners insurance does not cover your personal belongings only the building. All renters should purchase "renters insurance" to cover their personal belongings. Renter's insurance is not very expensive, especially compared to replacing all your electronic devises ( computers, televisions, camera and stereo equipment etc.) some policies will offer or include housing coverage if you displaced from the property due to a fire etc. It is my experience that most landlords will not negotiate price.
Keller Williams Realty Elite
credit score alone doesn't determine an approval. debt to income also does. From my understanding you typcial will get an automatically generated letter from the loan company stating your approved. I have lots of information one loans and loan approvals on my website.... more
My partner and I are self proclaimed "city slickers" and work with many out of town investors. A good part of that market is coming down from NY/NJ area due to more affordable housing. THe average Joe cannot even touch a multiunit bldg. up toward the city. Here, there are properties that can become (or already are) income producers. You need to find the right agents (or in this case) AGENTS, that can find you good properties that fit your needs and budget.
Give us a call at 610-406-2231 or 610-763-1602 fr more info. You can also check us out on our facebook page located here