The fix-and-flip real estate business can be daunting, but it also has the potential to be exceedingly lucrative. One of the most important keys is finding the right properties that will yield strong returns on investment. Here are some places to look to find suitable properties and make the most of your fix-and-flip endeavors.
Take a Drive
Conduct research in potential neighborhoods by driving around and checking out the condition of the homes as well as nearby schools, shopping areas, and public facilities. Ask business owners and local residents for leads.
Search Eviction Records
Landlords may be renting out homes that they may have originally intended to sell. If tenants have defaulted on their rent and have had to be evicted, frustrated landlords may let properties go for extremely reasonable prices. These are prime fix-and-flip opportunities for you.
Try a Direct Mail Campaign
A direct mail campaign involves mailing postcards or letters to homeowners who may be contemplating selling. Statistically speaking, the returns would be low, but the campaign is worthwhile if you locate even a few people who might be interested in selling their homes. Once you establish initial relationships, you are much more likely to be able to close deals.
Go to Auctions
Auctions are great opportunities to acquire fix-and-flip properties. However, keep in mind that you may not be able to see the inside of a home before purchase. It is also imperative to stick to limits that you have set on your bids.
Approach Real Estate Investment Groups
Getting in touch with real estate investment groups, either in person or online, offers excellent opportunities to network with other people interested in the fix-and-flip real estate business. You can also establish contact with investors, contractors, interior decorators, and others with whom you need to work. Always be cautious in checking the backgrounds of potential associates.
Obtain Access to a Multiple Listing Service
Only real estate agents are allowed access to multiple listing services or MLSs, but they are among the best sources for finding fix-and-flip homes. Consider obtaining a real estate license, or alternatively, work with a realtor on finding homes.
For more advice on locating fix-and-flip investment opportunities, contact Business Financing Corporative.
