How do I find a house to flip ?
Thousands of everyday people have been dabbling into the real estate market all across the world in hopes of climbing the property ladder and becoming the next millionaire. Now with the flipping fever being so wide spread you’d think there be a lot of differences in what prospective flippers would be looking for, but in fact there aren’t many differences between countries on what you should be buying. The prices and styles of homes will differ, but the state of the home is the same throughout the countries, and you need to know what you should be looking for when shopping for your first flip.
The first and most obvious thing that you need to do is find a home in an area that is under-priced compared to the other homes in the area. You don’t want to buy a home that needs a lot of structural work, especially on your first flip so make sure that you try finding something that just needs indoor renovations. A lot of times you can find great deals at estate home sales, auctions and foreclosures, but don’t limit yourself to these because there are always good deals elsewhere to be found as well. You’ll be competing with other home flippers at most of these areas, so finding deals where it’s a desperate seller will pay off better because noone else will be able to steal it from you pending you can close the deal. For sale by owner homes are also a great way to negotiate a great deal on your flip, because usually they will take the first offer that comes to them.
So we now know that you’re looking for a house needing some work and that is under-priced in the market. Now this sounds easy enough to find, but you should also make sure you consider these other factors when looking for the perfect house to flip. You should look for a home in an area that has not too many homes for sale, and with the homes that have been for sale they should be selling. You don’t want to buy your first flip in an area with rows of homes for sale that have been sitting for months, as this is generally an area where homes aren’t selling and you’ll also end up sitting on the market for who knows how long. Some other things to look for when doing your research on prospective neighbourhoods is if a lot of people are moving into the area from other areas, older neighbourhoods with senior residents and also areas where some homes need fixing up but that are in good areas overall. If you can find homes in areas such as the ones described above then you should be well on your way to climbing the property ladder.
Finding the flip is half the battle, because if you invest too quickly into a home to flip then you may end up noticing problems along the way. Always have a home inspection done before you buy any home as well because without doing a home inspection you may be seriously in trouble and out of your profits quickly. A home inspection is only a few hundred bucks and you can save yourself thousands by having one done, so it’s very vital to the success of your flip.
