Where to Look For Fix and Flip Deals
Whether you are new to real estate investing or a seasoned professional, finding deals can be challenging in any market.
Here are some ideas that real estate investors swear by:
Flip Short Sales
Looking around your own neighborhood is a good start. For example, that distressed home down the street could be a great place to get your first (or even 15th) flip short sale. These sales can take a while to get approved by the lienholder. However, flip short sales have always featured prices that are less than the market value prices. Since sellers usually don’t put every effort to get their property in a tip-top condition, they are sold for less. This leaves the buyer with more options to renovate and sell it at a higher price.
When banks and other owners list a property facing foreclosure, they are left as they are. A foreclosed property offers deeper discounts for buyers. Sometimes you can save even 30% off from the market value price for a foreclosed property.
Properties on Multiple Listing Service (MLS)
Some properties find themselves in and out of contracts without getting sold for many days. Most of them have exhausted sellers who continue to wait for the right buyer. These properties are also part of the MLS. It’s a good idea to look for homes with a high DOM (Days on Market) count. They are cheaper.
Knocking Doors for Listings
Know a neighborhood you like and would want to buy a property there? Try knocking on some doors and leaving a note for the homeowner that mentions that you’re an interested buyer. This way, you directly show your interest in purchasing their home.
Real Estate Agents
Building relationships with real estate agents is the most efficient way to stay updated on what is being listed and sold near you. Be sure to attend open houses to introduce yourself and the property you want to put on the market.