It goes without saying that the single most important factor to successfully and profitably flipping houses is finding and securing the ideal home. Of course, finding your dream home to flip can also be the most challenging part of the process. So how do you go about finding an ideal property to flip – a house that you can obtain for a reasonable price and that remains a good candidate for a subsequent “flip” through renovations and improvements? In this post, we’ll provide a breakdown of some of the most popular and useful resources for finding real estate investment deals.
MLS (Multiple Listing Service) provides a comprehensive listing of all houses currently listed for sale, including information on price, location, and unique features of the property. Search results on MLS can be organized by location, size and square footage, unique features, numbers of bedrooms and baths, listing agent and commission rate, and listing price. In addition to helping you find an ideal property, MLS can also be useful in helping you figure out if the house you have your eye on is a “good deal” by allowing you to research comparable houses with similar characteristics that are listed in the same region.
Newspaper ads are an old-fashioned but useful resource for finding fix-and-flip opportunities. Newspapers will often list information on local tax auctions, open houses, probate or estate sales, and more. You can offer uncover great opportunities through these listings.
Real estate wholesalers can also provide great opportunities for flip-worthy properties. Real estate wholesalers are companies that acquire large numbers of properties through short sales or other methods, and then look to sell these properties to investors interested in renovating and selling the properties for a profit. These properties are often sold at a significant discount to market price and can therefore offer potentially lucrative returns for investors.
Perhaps the single best way to find investment properties is to invest time and effort in building and maintaining a network of like-minded real estate investors and professionals. Local real estate groups are a great way to get connected to professionals involved in the local market. You’ll want to have developed a great local network before investing in a property so that you can rely on local knowledge and expertise to help you fully understand the risks and potential rewards involved in a particular property or market. A strong network can also be helpful since sometimes, other investors find their hands full with their own deals and may refer you to investment opportunities that they’d like to partner on or make available to you.
Using these resources is a great way to get started in looking for a property to fix and flip. Once you’ve found that dream property, you’ll want fast, reliable capital to help you fund your investment. YC Funding can provide the hard money loans you need to get you started. Get in touch with us today so that we can help you fund your next real estate investment opportunity.