How can you find the best deal for your next flip project? I’ll go over a few tips to help you find a good deal both on and off the market.
Finding flip properties can be extremely tough. I’ll give you a few tips to help you find flip properties today.
Investors are often able to find the best deals off the market. That said, there are a couple of deals available through the MLS. If you wait too long, though, those properties get snatched up by other buyers.
If you want to find a house that’s on the market, I recommend setting up an MLS search with certain trigger words, like “fix and save,” “fixer,” “investor special,” “looking for investors,” and things like that. Then if a property comes up with any of those words in the description, the listing gets sent to you the minute the property goes live and you can craft an offer right away.
Investors tend to get the best deals off market because they are not competing with other buyers. If you are an investor, here are a few different kinds of off-market properties:
1. Look for absentee owners. These owners live out of state. Often, they’ve had tenants that have beat up the property. They are highly motivated to sell and want a cash deal to get rid of the property.
2. Look for beat-up homes. Knock on the door and see if the owner will consider a cash offer. My mailman often lets me know about vacant or beat-up homes. He gives me the address and then I look up the phone number or knock on the door to talk to the owner.
3. Foreclosures. Foreclosed properties are probably the most popular investment for flippers. You can purchase foreclosed properties from the bank or purchase pre-foreclosures from the owners. The owners are in default, so they are behind on their mortgage payments and they may want to take a cash offer right away.
4. Probate properties. These people have to sell the property because a family member has passed away and they need to liquidate the assets ASAP.
5. Properties with tax liens. The owner is behind on property taxes and has a penalty or lien on the property, which means they have to sell it.
If you are looking for a great deal for a flip property, give me a call with any questions you may have. I would be happy to help you!