 |
Sources For Flipping Real EstateForeclosure listings and other house flip sourcesThere are many such local and national listing services that cater to real estate investors from all walks of life, all across the country. You'll find commercial properties for sale, HUD properties, as well as residential investment property in all types of neighborhoods. You can find them by doing an engine search on your computer. You will see many free, as well as fee-based foreclosure listing services. You can also access foreclosures through the local sheriff's office or county commissioner's sales at your local court house. Many times during the year, sales are held so that lending institutions may recoup any unpaid debt that remains on defaulted mortgage loans. Excellent source for flipping real estate. Why Are Foreclosed Properties So Attractive For Flipping Real Estate?The main reason is for the potential to pick up houses at bargain prices. But you need to do your homework on what kind of property you're in the market for. Another factor in favor of foreclosures is the fact that many times the former owners simply let the property deteriorate with little, or no maintenance upkeep. In all likelihood, they probably knew early on that their financial troubles were going to prevent them from keeping their property. With no obvious incentive for keeping the house in shape, they simply let it get run down until they had to move. And this is where the property investor comes in and refurbishes the house, sell it, and makes money. Additional Sources For Flipping Real EstateGet to know a real estate agent (or three) who can funnel property leads to you with potential to make some good money. Realtors have the ability to know when properties come for sale before the general public does, and therefore they can know what deals are in the pipeline as well. You may want to consider partnering with a real estate agent in some form or another in your pursuit to source property for flipping real estate. Agree to let an agent list your completed flip in exchange for a good house flip prospect. A somewhat offbeat but reliable source for houses to flip might be your local tax preparation service. Sometimes people - for whatever reason - may want to unload property(s) that have become somewhat of a burden to them. If interest from a property investor (you) becomes known, they might be persuaded to sell at a lower price to get the property out of their hair, and into your possession. If a person knows he/she can make some money on a piece of property that they otherwise really don't want, they'll sell. Just get your name out there that you're willing to invest some money in flipping real estate. You can find some really great bargains this way. Do a little research on your local tax preparation scene, and talk to a few small independent companies to see if any properties come available indirectly this way. You might even offer a finder's fee to provide some sort of incentive. Like accountants, attorneys have access to information when it comes to personal property that might be in a foreclosure situation, or at least on the way to being foreclosed. If foreclosure is inevitable, try to buy the property before the actual auction date. Send a letter of inquiry to the address of the owners of the property in question. Who knows? You might get a house at a real bargain. They also handle the estates of deceased individuals that eventually may be auctioned off. If you become aware (through networking) of someone who as died and left behind some property that you may think would be an excellent flip opportunity, by all means try to contact them, or the attorney handling the estate, to get information. Don't be afraid to let people know that you're interested in flipping real estate. Just like networking to find a good job, you're letting others know that if they come across decent flip opportunities, to let you know. We knew a man who recently flipped a house in a somewhat modest neighborhood of starter-type homes. During the renovation, he struck up a conversation with an elderly neighbor who lived a few houses down the street. Through the course of casual "small talk", she off-handedly asked him if he had any interest in purchasing her home. She said she wanted to down-size and move into a more maintenance-free apartment unit closer to where her daughter lives. He said he did, and the two quickly had a deal. Within a four or five months, he significantly upgraded the house, and sold it for a handsome profit. Both parties walked away satisfied and happy, but it took just a simple "Hello!" to get the ball rolling. Put your name and number on one of those plastic (or metal) yard signs and place it in the yard as soon as you begin your flip. Let the world know what it is you're doing. You may just find someone else living nearby who might want to sell you their house at a decent price. TOP of Flipping Real Estate
|
