ASK THE EXPERTS>>>>>"flipping houses"

We spoke with Slim Thug, aka,Stayve Jerome Thomas,and found out that he is quite successful in his real estate ventures. He had some advice for those of you in the “Flippin’ Houses” business:
Here's what he had to say.
Slim how should our readers go about this in a positive way?
What's the first step?

Do Research
“I hire a researcher to find me property, but you can look on the Internet or go to auctions. Then have an appraiser inspect the house. Hopefully you can find somebody who’s about to be in foreclosure and be like, ‘Can you sell me your house rather than having these people just take everything from you?’”

Then what?
Do More Research
“With auctions, research the list that they publish in advance. Once I said, ‘Fuck it,’ and spent $7,000 for a house without seeing it. Turns out, there wasn’t even a house on the land! Also, run comps (comparable sales) on the Internet — a house is worth what the last house that was sold nearby it is worth.”

Sounds easy enough,now I've done the research, bought a house....What next?

Fix Things Up
“After buying the house, redo the restroom, the kitchen, the wood floors — simple shit that makes the house look better. If it’s worth $100,000 and you bought it for $60,000, spend no more than $20,000. Hire a manager; he’ll oversee a crew.In Texas there are Mexicans on the corner who are ready to work.”

Close the Sale“To sell the house, you can get a realtor or, preferably, just put a FOR SALE BY OWNER sign on your front lawn to avoid fees. When you’ve got a buyer, run a credit check on him. Then, as long as the bank can make the loan go through, it’s good. When you have the money, then you go and flip another one!”

Wow, that’s some pretty decent advice. I wouldn’t be surprised to see Slim Thug hosting one of those real estate shows, that would be be pretty interesting. Or VH1 for that matter, especially since that former VH1 executive recently stated their viewers preferred to see blacks in a “ghetto role”.

Thank you, Slim Thug for this very informative segment on Real Estate.