Fixing and flipping and flipping real estate

And today:

1. Sold before we bought it

2. How long to fix a broken FICO?


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Sold before we bought it (Note from Mitch)
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Beneficial Ben brought me this guy who is
buying notes from me, who I'll call TaxGuy.

For every note I sell to Taxguy, I'll
pay Ben $1000.

(There are a lot of opportunities for
people with no clams to do what Ben

Beneficial Ben also brought me a
$32,000 house that I had
sold for $69,000 before I even closed on it.

(I often sell the houses before closing, of
course subject to being able to deliver
marketable title.)


I did nothing, didn't even
rake a leaf or set foot on that house.

This is *real* hard for people to
understand -- people who have been
fixing and flipping for a long time.

But truth is, you don't need to do
anything to these houses and you can
sell them with owner financing.

Endless note generation is very
cool because it is the end of fix and
flip.

I got $6000 down and when I went to get my
lockbox the new family were all working
together, the husband, the wife, two
boys and a girl.

They were hauling out old 1960s style
gold shag carpet and were planning on
refinishing the wood floors underneath.

They were thrilled.

And we had never met. I had bought that
house and sold it without ever seeing
them or frankly seeing the house.

I had glanced at their application at some point
but my team did everything.

I didn't need to meet them.

If the house had been all fixed
up, I would have had to meet them personally.

But someone with $6000 who wants to take on
this job and really remodel and fix up, I
won't say no and I don't really have to meet
them. They can't do any real damage even
if I get the house back which I probably
won't.

So Ben who brought me this house didn't want
anything, just knowledge. But I will pay him
$1000 every time I buy a note from TaxGuy,
and for finding the house.

Ben hasn't asked me for anything.

I think it's reasonable that I pay him and I will.

I always pay people who help me even if they don't expect anything.

Beneficial Ben wants knowledge.