When I was getting started, I was very limited when it came to budget since I was self-funding my projects (hello cash advance). Luckily, there are easy and simple ways to scout for houses so you can get a jump on finding that perfect flip property.
Learn about pricing in your market.
The first step to finding houses that are good flips is to know the market. You will need to understand the average price in the area you’re looking in so you know when something is priced low.
Within the market, look at a variety of houses. This will show you the range for homes, from the least expensive to the mid-range and the more expensive homes. This information will help give you a rough idea of what the pricing for a renovated home would be.
Be mindful of the smaller factors that impact the values of homes. School boundaries, crime, nearby commercial or multi-family properties. What does an area offer that would make it appealing to a buyer? Likewise, are there things that a buyer would not appreciate?
The lowest price doesn’t always equal deal.
Online resources are an easy, and quick way to start searching for a flip property. Start a list with a variety of houses in several areas.
Use sites like Zillow, Redfin or Realtor.com. Set the search criteria to list the lowest priced houses first. Look at multiple sizes and styles of homes in different areas to see pricing differences.
Undervalued homes are not always the least expensive. You want to find a home to buy that is lower than market value, but one that can be repaired and sold in the future. The least expensive houses may have significant issues that cannot easily be fixed.
Create alerts for listings.
Timing is important when you are looking for a discounted property. The sooner you know about the listing, the more likely you will be able to act quickly. If you are not working with an agent, use an online site to set up your search.
Drive around in areas you think have flip property potential.
Get familiar with the styles of homes, the parks, and the various blocks. You can also look for signs of distressed or neglected homes and properties that may be FSBO (for sale by owner). Owners selling their homes on their own may be more motivated. They usually sell for less than a listed house because the seller is motivated.
Consult a real estate agent.
Having a professional to help you is always a good idea. If you’re just getting started in real estate a good agent can help direct you. They can provide insight into neighborhoods and home values to guide you on your search.
Looking for a flip property is easier than it has ever been before. The information available online allows you to research and identify opportunities so you can narrow your search quickly and easily. Once you’ve done this, you’ll be ready to analyze deals and writing offers.
Looking for more details on finding flip properties? Check out this checklist for what to look for in a potential flip property.
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Amber
Want to buy a property and renovate it?
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