If you want to invest in real estate and see quick returns with good profit margins, you’re going to need to find some great real estate deals. To find them, a lot of people will tell you that you need to go get your realtor’s license and get on a multiple listing service (MLS). Well, I might be a real estate agent, but that doesn’t mean you have to be one to get into flipping houses, and you don’t need the MLS to find amazing deals.
You just need to know where to look. With a better understanding of the deals available to you, you’ll know where to search for listings, what to look for when you’re out driving around neighborhoods, and everything you need to know to start flipping houses.
Foreclosure and Pre-Foreclosure Properties
Foreclosures and pre-foreclosure properties offer some of the best real estate deals on the market. Because foreclosures are a matter of public record, you’ll want to keep a close eye on them. A lot of investors avoid the competition in foreclosure sales by approaching homeowners who are in their 90-day pre-foreclosure period, in which they’ll be allowed to do a short sale and walk away from the property.
You can also find great deals when you follow auction listings. If you purchase a foreclosure at auction, though, you will assume responsibility for all mortgages and/or liens on the property, some of which may not be disclosed at the time of the auction. So do your research before you head to a real estate auction. Know your properties and don’t take chances on houses that seem like good deals but may be hiding expensive details.
Talk to Landlords
Next, start calling around to people who own rental property in the area where you’re thinking about flipping houses. You might be surprised how many people have income properties like these but just don’t really want to be landlords. Giving them an option to get out of the business can result in some really great deals for you.
And, with rental properties like these, you may even be able to get into the house and have it inspected before you agree to buy it. That’s not a luxury we get very often in the world of flipping houses, and it can tell you a lot about what you’ll be investing in the property and what you can expect your profit to be.
Finally, with a few well-placed signs, pay-per-click online ads, and/or mailbox fliers, you might be able to get some great real estate deals to come to you. In other words, tell the world that you’re ready to buy houses for cash with no hassle or stress, and your phone will start ringing all day long.
As you’re advertising, you might want to also drive around to some of the properties you’re interested in and leave a note or a flyer on their front door or on their mailbox, showing them that you’d like to give them the opportunity to sell.
Get Advice From the Pros
As a new investor, these are great tips to help you find properties and start flipping, but you can find a lot more – and start to tell the difference between great deals, mediocre deals, and horrible wastes of money – as you gain experience. To get that experience without wasting time or money, though, it’s essential that you invest in yourself and get the proper real estate training. At Real Estate Elevated, we’ve built a talented team to help you learn the house flipping methods that will make you successful. Click here to register for an event today and learn how to get started in real estate investing!