How to Find the Perfect House for a Fix-and-Flip
Flipping properties have gained popularity for the vast opportunities that they present. While fix-and-flip can have a lucrative outcome, you need to find the right property. Especially as you first begin flipping homes, it can be difficult to find the right pick. If you want to ensure that this project has the return on investment that you are looking for, here are a few places that you must look.
Multiple Listing Services and Public Websites
With the ease of the internet, you have a wealth of information at your fingertips. If you are a licensed real estate agent, an MLS is a useful tool to get started; however, if you are just beginning, everything from Zillow to Trulia to Realtor.com and RedFin can help you find the perfect listing. These sites are helpful assets when choosing your next project, but if you aren’t sure where to start, enlist the help of a trusted real estate agent.
Real Estate Investment Groups
Real estate investment groups can also be useful resources. Whether you utilize it for their online forums, connections to agencies or to connect with vendors, REIA can be immensely helpful. Just as you would with any other internet connection, always make sure to vet anyone before embarking on a business relationship by verifying their qualifications, background and any reviews or feedback that they have.
Auctions
Auctions can be another great place to look; however, you will need capital available to you. While these can be a bit unreliable because there are many contributing factors, these can lead to lucrative and amazing profits. Because these can be riskier investments, approach these with an abundance of care and caution.
Eviction Listings
While this may sound less appealing, eviction listings can be extremely useful for someone flipping homes. These public records are available for anyone to view. These unique circumstances can improve your profit margins if the seller is trying to get the property off their hands.
Your Local Neighborhoods
Don’t be afraid to take a drive around. You may be surprised by what you learn by getting out into the community. Talk to friendly neighbors or local businesses, as there is no one more experienced in the neighborhood than its current residents.
Direct Contact
While less common these days, direct mailing and contact may come in handy. The percentage of deals that happen from this medium is small; however, these can invite interest from homeowners who may be considering selling.
For anyone looking to engage in a fix-and-flip project, it is critical that you find the right property. This will play a pivotal role in reaping the rewards of your project and ensuring a hefty return on investment.
