Finding Houses to Flip
There are several ways to aquire houses to flip. Most commonly, would be having a realtor send you leads on new property that hits your local mls. Although this may be the easiest, it is not the most efficent. Of course buying property is easy to do, however buying houses at discounted prices is another story. Buying homes from the mls has a disadvantage. The problem is every local investor flipping houses is doing the same thing and actually driving up the prices.
It is also hard to compete with investors who are buying up homes for rentals and long term investments. These investors can afford to pay more because they don’t intend on either improving the home or don’t plan on selling any time soon. Investment purchasers have the advantage of out bidding properties that would have other wise been a great house to flip.
If your going to make offers on homes listed on the mls, you need to make lots of offers. Keep you numbers tight and stay focused. Never get attached to a home or agree to pay to much just because you need a house to flip. Keep your offers low enough to make a profit.
You need to make many offers a week. Your playing the odds. Eventually you will provale and aquire a home worth flipping. I personally make 5-20 offers a week. I’m a low balling fool. Most realtors actually take offense or laugh. However I just keep on kepping on. On average I may buy 1 home out of 50 offers.
Buying homes off the mls works however it envolves a lot of paper work. Especially for your realtor. If you can find a realtor that will stay with you, make sure you keep them happy. I always let my realtor have the listing once I’m ready to put the home back on the market.
Other ways to finding houses to flip include bandit signs, flyers, mailouts, and of course getting out there and beating the bushes. When I say beating the bushes, I’m referring to finding distressed property and locating the home owner to see if they would be interested in selling. These are all great ways to find houses to flip, but they also have thier draw backs. While the leads from these actions tend to be more lucrative, they however are few and far between.
I personally use all these methods and together they work well. Actually, signs and other advertisments work better with time. If you can keep your contact info in front of peoples faces long enough, eventually the phone calls will come regularly. I will focus more about that in another article.
7 Responses to “Finding Houses to Flip”
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If you really want the best deals in investment properties, you have to increase your odds by finding more deals. Who is more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources?
I have houses I can buy CHEAP, but how do I find an investor that wants to make a high return and 1st lien? Thanks
Buddy,
Hard money lenders or investors work totally different than banks. Banks only look at employment status, income, and credit.
Investor are almost opposite. With investors, it’s like the old days with the “Good Ole Boy” system. They look more at the person, their skills, their knowledge of the market, age, experiences, and of cource the deal at hand.
You can find hard money lenders online or through word of mouth, but these lenders work like banks only with higher intrest.
What you want is an investor with money to spend and likes making more money. You have to put your self the right places. Hang where people with big money hang. Search for local investor meeting clubs in your area.
It took me a long time to find my investors. I have years of experience working remodeling. I got in doing rehab work for investors. The funny thing is most investors started small and then got big. They like to make the money, but start to dislike the work. So after time these investor would rather loans the money to someone that knows how to flip and not do any of the work, while still making big money.
Thanks for The Good Read about finding houses to flip and thanks for the Foreclosure Listings
Cool Blog. I like your posts.
As a Newbie, I am always searching online for articles that can help me. Thank you
I like the site and the way it’s put together. Lot’s of valuable info for all readers.