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Trades, Flips and Cartwheels

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  • Trades, Flips and Cartwheels

    Dear All,

    My stragegy for investing so far has been the good old buy and hold for long term. I would like a bit more instant cash and am looking into trading property.

    I was wondering what sort of strategies people have for reducing the risk
    of trading? Mainly - what are people's plan B options if it does not go as planned?

    Oh - any recommendations on books covering trades?

    Your responses are appreciated,

    Chemill

  • #2
    Hi Chemill
    I thought i would reply to your question as I do a bit of trading, I use the profits to pay off what I am keeping and have a great life for me and my family.

    Firstly in my opinion you need to know the market you are in, make sure you buy wholesale, often private sales allow this. if it needs a do up you much factor that in of course and allow a bit of extra as prices have gone up, something budgeted at $15 a year ago is costing $25 for the same thing now but as long as you have picked it up really well it will definitely work.

    or you could just get a data base of investors lined up as I have and assign contracts to them they pay you a fee and settle on the house not you. Normally you can make more buying wholesale and doing up or just straight selling. I normally only ask $5 to $10 for an assignment fee you can make alot more doing up. Or as i do, pay someone else to do up while i sit on a beach somewhere.

    Good luck Robyn

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    • #3
      Interesting, I've not heard of houses being bought wholesale before. Would someone mind clarifying what is meant by that please?

      R D

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      • #4
        Wholesale is another word for discount, which is another word for cheap, which means, as Robyn says, knowing your market, knowing how to negotiate, and walking away from lots of deals that don't meet your criteria.
        Julian
        Gimme $20k. You will receive some well packaged generic advice that will put you on the road to riches beyond your wildest dreams ...yeah right!

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