If you want to get a great deal on a house, try Buying Probate Properties.
As a house flipper, when you are searching for good properties to purchase, you want to get the best deal for your money. Sometimes, there are ways you can buy these houses well below market value through unconventional means.
For example, if a homeowner is facing foreclosure, you might be able to buy the house through a short sale. If the home has already been foreclosed, you can purchase it in a foreclosure auction. Or, if it doesn’t receive any bids, you can buy it as an REO property. Additionally, you might be able to find a deal if the previous homeowners are going through a divorce.
In all of these cases, the person or organization in possession of the property, whether it is the homeowner or bank, is eager to get it off their hands as quickly as possible before they lose any more money.
However, there is one way you can find and buy a property well below market value that most real estate investors don’t know about: buying probate properties.
To learn How To Find A House To Flip, you must first recognize what features make a property valuable.
One of the most important steps in flipping a house is finding the right property. Some people even say that once you’ve signed the paperwork and officially purchased a house, you’ve sealed your fate in relation to the profit you will make.
While there are certainly some variables when it comes to rehabbing and selling, for the expert house flipper, these steps are more or less constants. Seasoned flippers are familiar with their contractors and know how much repairs cost. They also know how much they will be able sell a house for. For these people, the buying process is the game, set and match.
So when searching for a house, it is wise to know what you should look for. Moreover, if you want to learn how to find a house to flip, you should educate yourself on what makes a property valuable.
If you are just starting out in the house flipping business, then you may be nervous about losing money, and rightfully so. However you can diminish your risk by learning what to look for before purchasing a house to flip. When you are just starting out, it is incredibly easy to overlook something small which could end up costing you hundreds if not thousands of dollars down the road.
This week's House Flipping School Member videos will show you what we look for when inspecting properties. The goal of these videos is to help you see what we see when inspecting a house before we purchase.
Buying REO Properties can be a great outlet for house flippers.
In the business of house flipping, often times expert investors will seek out and purchase many different types of properties. While buying homes straight from the previous homeowner can be great, if that is your only means of finding a property, you might be limiting yourself.
To really thrive in this business, you want to consider diversifying the types of properties you buy. Some popular means of buying short sales, and buying foreclosed properties. However, what many people often overlook is something called an REO property.
REOs are essentially the third piece in the foreclosure family. The first, buying a short sale, is to buy a property from the homeowner before is foreclosed. The second option is to buy a property after it has been foreclosed, usually from a foreclosure auction. The last option is buying REO properties. An REO, or “real estate owned” property, is a home that fails to sell in a foreclosure auction.
A quick way to earn a considerable amount of profit in today’s economy is by Flipping Foreclosures.
As you probably know, a foreclosure happens when the owner of a home fails to make their mortgage payments, resulting in the lender (usually a bank) to repossess the property. While the process is often tragic for the previous homeowner, flipping foreclosures can be a great way for you to make money.
You can often buy these properties at a price well below market value, so they have an amazing possibility to earn you a great deal of profit.
While flipping foreclosures can potentially be a great business investment, there is always a substantial amount of unpredictability. Unlike regular real estate properties, foreclosed homes are not prepared by the owner to be sold. Often times you will find these foreclosed properties in a worse condition than other properties, and still full of the unwanted items of the previous owner. Make sure you know what you are doing, and follow the proper steps before you being flipping foreclosures.
Consistently finding properties to flip is absolutely essential to my house flipping business, yet for many investors, finding deals is their #1 greatest obstacle.
One strategy for finding deals that is sometimes overlooked and scoffed at is posting bandit signs. Bandit signs are essentially posters that say something like "We Buy Houses" with a phone number at the bottom. House flippers and wholesalers use them all the time to find profitable deals.
Today is an exciting day in my personal house flipping business. After a 30 day rehab, I listed this Massachusetts property on Saturday and since then I have received 5 offers. Seeing all your hard work come to fruition is always a really nice feeling.
Yet as with any successful and profitable house flip, this project never would have happened had I not followed a specific formula.
Once the new HFS website is launched one week from now, I will be focusing a lot more on sharing with you specific deals I have going on. I think this will further help you see and learn what the house flipping business is all about.
One of the many deals we will analyze together is a property I recently flipped and closed on in Massachusetts. This Massachusetts property is of particular interest to me, because while putting this deal together, I broke one of my most important house flipping rules.
The housing market has been quietly crawling out of its long slump and this creates opportunities for house flippers. There are a number of cities in the US that we have found to be the best cities for flipping houses and are especially ‘primed’ for house flipping in 2013.
While supply and demand are two chief driving components of any market, in real estate the third (and fourth) components are the availability of money and credit. Although there are a number of ways to flip houses with no money, banks are still a very good source of money for flipping houses.
If you do go this traditional route to finding money for your house flips, this money is used for down payments and the money to make the ongoing payments is obviously needed as well. Proof or credit worthiness is usually determined in the form of Continue reading
Is house flipping dead? Believe it or not I have been hearing that house flipping (foreclosure flipping to be specific) is indeed dead (and/or dying) from quite a few people.
Whether it is an email from a blog reader or a comment in a forum - it seems some people are worried that foreclosure flipping may be coming to an end. :0
Are you guys trying to scare me? Should I be changing the name House Flipping School to something else? How could someone say such a thing?
Well the truth of the matter is that these people have a very valid point. There is a new player in town (perhaps in your town) called the Hedge Fund.
Hedge funds are now dabbling with alternative real estate investing strategies like flipping foreclosure properties. To be more specific, certain hedge funds are now looking at purchasing bulk REOs from banks. These are the same foreclosed properties that you or I may be interested in fixing and flipping.
This is new territory for the banks, which have been for the most part slowly releasing foreclosed properties to individual investors. Now these same banks are talking with the hedge funds, which have the ability to buy up hundreds if not thousands of foreclosed properties all in one swoop.
If you didn’t already know it, hedge funds are enormous and have very deep pockets. How deep you ask?