House that is pretty run down and empty

[luv2flip]

This is an example of how a flip might work, you find a house that is pretty run down and empty there's no for sale sign in the yard.

Through persistence and a little searching, you find the owner and negotiate a risk-free contract to buy the property at 50% below the after repaired value with a very low earnest money deposit ($10).

You contact an investor who rehabs houses in the area, offer to sell him the house for $3,000 more than your contract amount. When he agrees, you fill out a one-page Assignment of Contract form and get $500 in earnest money.

A few days later, the transaction closes at a title company or an attorney's office, and you get a check for $3,000 PLUS your $10 earnest money.