Steven Gillman

Flipping Houses - How To Find The Deals

A look at how to find the right properties when you want tot start flipping houses for a profit.

So you're ready to start flipping houses for a profit. How do you find the properties that make sense as an investment? Here are some of the ways others have done it.

1. Check The MLS Listings

Browse the MLS listings online at sites like Realtor .com. This is where many investors start their search, and even if you don't find the right property this way you will get educated on prices. After some time spent at this you'll start to recognize homes that are priced unusually low - a possible sign that they need some work and might be an opportunity.

2. Check Real Estate Guides.

There are sometimes obvious fixer upper clues in the advertising ("needs a bit of TLC," or "could be beautiful"), but this too is a good way to get educated on prices.

3. Put The Word Out

Be sure to let people know that you're interested in flipping houses. Even if they don't know of any potential properties, it's worth the effort to talk to people. Perhaps a friend of theirs will mention that he wants to get rid of an old run-down house he inherited - and now they know where to send that friend.

4. Advertise Your Needs

If you live in a large city you've probably seen billboards that say "We buy ugly homes." It's probably best not to spend that much to start, but it can help to have business cards and maybe some photo-copied flyers to hand out. You can also try an advertisement in a local newspaper, but do it more than once. A regular ad means that when an owner is ready to sell, he might remember your ad and can look in that paper to find it and contact you.

5. Use Real Estate Agents

If real estate agents at different brokerages know you're interested in flipping houses they might call you with opportunities. Make it clear that you're ready to write an offer and so make a commission for them. Then they'll be watching for those properties, and you may event learn about houses before they get put in the Multiple Listing Service system.

6. Check Old Newspapers
At the public library or online you can find ads for homes for sale by owner that are no longer running. Call on these to see if any are still available. An owner who gives up advertising may be frustrated and ready to lower that price a bit. He or she may also have a fixer upper that is scaring potential buyers away. That spells opportunity for you.

Flipping houses starts with finding cheap homes that need a little work, and there are certainly more ways to do that than the six listed above. You can drive around looking for them. You can learn about run down houses from a friend who works for the city. You can call on rental ads to see if a landlord might be willing to sell. You can scan the county records for property owners who live far away and may be ready to get rid of a house. You can bid on HUD repossessions. Now you have eleven ways to find houses to flip. Any one of them could yield a profitably opportunity - if you put is to use.

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