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Hi everyone, I'm new to the concept of remote property flipping however I want to take the next steps to find out how to make it work.As I understand it the way it works is that I would go to a seller and offer the a price for their property if they choose to accept this price they would sign an option agreement/contract that essentially gives me 2-4 weeks sell the property to any potential investor, once I find a suitable investor I can then sell the property. It's at this point where I would need to get solicitors involved and I have very little knowledge of what type of legal constraints apply to this business idea.If anybody knows how this works in more detail I would appreciate it if you could shed some light on the matter also if somebody is doing this already and is willing to show me the ropes that would also be great many thanks
First of all, how do you propose to do due diligence on a property that you cannot visit? Personally, I cannot see how you can responsibly source property when never having viewed it.Secondly, are you aware that you will be acting as an estate agent - introducing a buyer to a seller? That is a highly regulated activity.Thirdly, how can you offer a price for something that you are not intending to buy? How will you explain to the vendor that you are nothing more than an intermediary and the sale is not guaranteed. How will you get them to accept an option agreement when they could just go to a High Street estate agent and get a normal sale?Fourthly, where are you going to find investors who will buy from someone who has not actually visited the property?As far as I am concerned, the concept of "remote property flipping" is a non-starter. Sorry that I cannot be more positive, but that is my view after 15 years of being a landlord and hearing of all these "creative" strategies that are just not viable in reality. Just my opinion of course. Others may have a different view ...
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Slowly working towards financial freedom
Thanks for the replies guys, just wanted to run it past some people that knew what they were doing
If you could give an overview of your starting position and what you would like to achieve through property investment, I am sure you would get some advice on a strategy that could be viable for you.