The housing market has hit rough times in all parts of the country. Flipping houses is one aspect of real estate that remains a bright spot during this gloomy time. To flip a house, you contract to buy the home then immediately sell your buying rights to another buyer. The following are nine suggestions to help you flip homes fast, even with the economic downturn.
- Do your research. You need to know as much as you can about how to flip homes. Know what types of possible repairs to look for, how to estimate the cost of renovation, what motivates a seller, and what kinds of wholesale houses are the best deals. This will help you select the right house to begin with and increase your chances for success.
- Enlist the help of others. Tell everyone you can that you are looking for homes to flip and that you will pay a finder’s fee for referrals to homes you are able to flip. Let these people be your eyes and ears for locating wholesale houses. You’ll end up with homes that are the cream of the crop for flipping, and this will substantially increase your chances of being able to sell a house fast.
- Focus on an area with a ten to fifteen mile radius. Trying to cover an area that is too large to handle comfortably will inhibit your achievements. Narrow your focus and flip houses within a specified district. You will become an expert on which wholesale houses will be the fastest sellers in that area.
- Be persistent. Finding the right home to flip takes time. It may take several weeks or longer to find the homeowner and unearth all the information you need about the house. Having the appropriate information will help you determine which homes will sell quickly.
- Build a network with real estate investors. Check online and newspaper ads for real estate investors, attend local investor meetings, and frequent foreclosure auctions. Put yourself in places where you’ll meet people that are genuinely interested in being your partner in your real estate deals.
- Keep detailed records of communications. Make sure you document every conversation, email, phone call, and piece of information you come across in your search for the right home. Having all the background data at your fingertips will allow you to act fast when the perfect deal is available.
- Find a reputable title company. An essential part of flipping houses is being able to transfer a home’s title in a short amount of time. Make sure you’re working with a title company that is professional and efficient.
- Work with an attorney to create a risk free contract. Your contract should contain wording that will be attractive to homeowners and allow you to leave the deal if you are unable to find a buyer. You’ll only be tied to houses that will sell quickly.
- Work with integrity. When homeowners and your real estate investment team see that you are honest and respectful, they will spread the word. Your reputation will speak for itself, and others will want to work with you to flip houses.