Regardless of if you are new to the fix and flip business or are a seasoned professional, there can be times when it is difficult to find a great deal on a property. Our tips for finding deals on flip properties will help you locate your next fix-and-flip masterpiece. Don’t forget that after you find your next project, fix-and-flip hard money lenders are great resources to use when it comes time to purchase the deal you found.
Expand Your Network Connections
If you are new to the business, you should start looking at ways to expand your network. Get to know other professionals in the industry where you can steal some of their tips and tricks. Working with a real estate agent often gives you access to the housing market resources you didn’t have access to before.
Subscribe to Multiple Listing Services
Multiple Listing Services (MLS) update their websites with newly available homes every day. This is a great way to research homes in your area from the comfort of your house. Using an MLS website also gives you a chance to look at multiple different homes at once while making a list of pros and cons to help aid in the decision of what home will provide the best fix-and-flip outcome.
Look Into Properties That Have Been on the Market for a While
Properties that have been on the market for some time are more likely to close faster and offer you the highest chance of purchasing the home. Make notes of properties on the listing websites and continue watching the homes for the price to come down and into your range. You must use your best judgment about when to bid for the home because, depending on the area, the house could sell more quickly than you anticipate.
Stay Local and Look Off Market
Finding local homes means spending less on transportation of equipment and materials. Some houses could be off-market or sold independently by the home’s current owner. You may find the best fix-and-flip properties when they are off-market; this means you have to drive around the local neighborhoods in search of the best deals that you cannot find on the internet.
Finding deals on flip properties does not have to be a hassle; know what to look for and branch off your routine to find deals off the beaten path. You’ll be surprised how many homes are available. Make the most out of your next flip project and find a home that provides the best deal with these tips.