How to Find Houses to Flip
Over 72,000 properties were flipped in the U.S. last year, which proves that it’s a popular investment venture.
Finding out where flippers source potential properties is the key to growing your portfolio and earning a hefty profit. But because house flipping is often gatekept, it can feel impossible to know where to start your search and what to look for.
If you’re in this situation, you’ve come to the right place. Here’s how to find houses to flip.
Outline Your Goals
Before you sell your house or find another to flip, it’s important to outline your dream property. Figure out what type of property you’re looking for as it will determine your final profit. For instance, you’ll earn more flipping a single-family home than a condo.
Another huge consideration is where you’re buying. Regardless of how derelict the property is, if it’s in an urban area or an up-and-coming neighborhood, you’ll enjoy higher home sales.
Search the MLS
Flippers can land a property with good home value by browsing the Multiple Listing Service (MLS). Real estate brokers regularly add listings to this database, so you can easily find affordable homes within a specific area. The only downside is that it’s only available to real estate agents, so you must hire one to help.
Check Real Estate Websites
Another way to dive into the real estate market is by checking industry-specific sites. Head to websites like Zillow, Realtor.com, and Redfin to get started. You can also search sites that let you sell cash for your home in Memphis or wherever you’re based.
Aside from websites, there are many great forums and social media groups where you can stay atop the latest listings. A bonus is you’ll learn more about flipping houses and make useful connections.
Property auctions are regularly the best way to source potential properties. You can either attend this online or off, depending on your preference, and it’s a gold mine for finding distressed homes. Note, that most foreclosure auction lists are advertised several weeks in advance, so keep an eye out.
You should also avoid making the mistake of only attending one. If you do, you’ll likely miss out on buying a property at a killer home value, so attend three at a minimum.
Don’t Forget About Direct Mail Marketing
House flippers often forget to use direct mail marketing to find properties at great market value. This is where you spend time vetting potential houses that would potentially help you turn a profit. Then, if the property becomes available, you’ll receive a message that you can follow up.
How to Find Houses to Flip
Now you know how to find houses to flip, it’s time to start your search.
There are many places to start, such as reaching out to realtor groups and searching the MLS. House flippers should also attend several auctions and use direct mail marketing to their advantage. Good luck with your search!
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