Have you ever wanted to fix and flip a home like Tarq and Christina? Do you think you have the craftsmanship or designs skills of Chip and Joanna Gaines if only you had the opportunity to show off your skills? Then fix and flip may be the right for you!
New reports show that fix and flip properties have less competition in the first quarter of 2021.
If you’ve ever wondered how house flippers find the perfect house to fix and flip, stick around. We’re going to go over the simple process that you can use to find a house to fix and flip.
How Do You Find a House to Flip?
Learning to fix and flip houses may already be in your wheelhouse, but before you start making profit flipping houses, you first need to know how to find your first perfect house to flip.
While you may have the design or construction acumen to get started, you may not have the know-how when it comes to finding the right real estate investment property. Don’t worry. We’ll be going over a few ways that you can start, so all that’s left is putting your great design sense and handiwork to good use.
The great news is, there are plenty of options when it comes to finding the right properties to fix and flip.
1. Network With People in Your Community
Networking with people you know in your community is a great way to find a hidden gem that isn’t yet listed online. For example, you may have a friend of a friend who is looking for a way to sell their house quickly but doesn’t want to put the work into selling it.
While this option may not always produce the best results, it’s a great place to start. Why?
First, because it costs no money, networking is free advertising for qualified leads. Next, you may have a close connection with the person, upping your chances of getting that first house to fix and flip.
Finally, networking is great because it can lead to word of mouth for people in similar situations. While networking with people in your community won’t be your only way of finding homes to fix and flip, it should be kept in your arsenal.
Beyond people in the community, another way to network is to join community real estate groups. It’s a great way to meet other real estate professionals to gain valuable insight.
2. Look Around for Auctions or Foreclosed Homes
As a real estate investor, your goal should always be to find homes priced below market value. Auctions and foreclosed homes are perfect places to search for great homes below market value that you can fix and flip.
When you purchase homes below market value and add a ton of love to them, your chance for higher profits becomes more sure.
Foreclosed homes are a great choice because they are often marked at lower than market value. The reason for this is that it costs money for banks to hold onto them. It doesn’t make sense for banks to hold on to these houses, so they price them to sell quickly.
That often means added value for you and a great investment opportunity.
Auctions can be another option for finding houses below market value. That is, of course, if the bidding remains low. However, one thing to keep in mind is that sometimes homes can be sold “sight unseen,” adding significant risk to you.
3. Drive Around
Driving around your target area is another way to find a house to fix or flip. But, first, you’ll want to search for houses with a “For Sale” sign. These homes could be sold by an agent or by an owner.
Copy down relevant information, such as names, phone numbers, addresses, and other contact information. That way, once you have compiled a list of possible options for your first flip, you can reach out to the homeowner or real estate agent.
Another option is to look for homes that aren’t for sale but might be vacant, run-down, or appear to have an absentee owner. Again, the opportunity to buy abandoned houses can be very lucrative.
4. Search on Real Estate Websites
Before the internet, finding homes to fix and flip was a much more complicated process. Now, finding investment properties is easier than ever. There are many real estate investment sites online with thousands of listings to choose from every day.
Listing sites are a great way to see what’s available in your target area. That way, you can compare them to other homes selling at the top of the market. That allows you to gauge your potential for return on investment.
Complete with pictures, information on the house, and other important details, it can be a one-stop shop for finding your very first fix and flip house.
5. Hire a Real Estate Agent
Do you want to automate the home finding process? It’s as simple as hiring a real estate agent to help you find the right homes to invest in. While this costs money, you’ll be saving tons of time investment.
Not only can they save you time and aggravation of having to look for the perfect home on your own, but they can also be a wealth of knowledge. Being professionals in real estate, they’ll know about the area. They can provide information about the average home prices in the area compared to the listing and the top dollar you can sell your fix and flip.
Find a House and Get Started!
All that’s left now is to find a house and get started. Real estate investing can be a gratifying and lucrative experience. We hope you found this article helpful.
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