According to a recent article in Business Week, “flipping” properties is back in style. The article interviewed a guy in Phoenix who said a few months ago he was the only person on the court house steps buying properties to flip, but that now it was beyond crowded.
But as too many investors fail to realize the most important part of flipping (AKA wholesaling) is to be able to sell the property and actually get paid. I know a lot of new investors who are so excited when they get a property under contract, but then have no idea how to get rid of the property and market it correctly.
So… today I’m going to show you five ways to get rid of a property quickly:
1) Signs in the front yard: Throw up a crude hand written sign in the front yard. Write something such as “Desperate owner, must sell now.” Or “Need to sell this house immediately, please call 555-555-555.” Also, don’t forget to put directional signs all throughout the neighborhood leading people to your property.
2) Networking: Ideally, you’ll have a large buyers list even before you begin to flip properties. Going to your local real estate investor’s meeting is a great way to build this list. Find out who all of the rehabbers are in your area. Find out what types of properties they are interested in purchasing and shoot them an email when you come across such a property.
3) Classified ads in the newspapers: This is another great way to build your buyers list and get rid of houses. The ads you place will be similar to the signs you put in your front yard such as “Desperate owner, must sell now.” Or “Steal this house, I must sell it immediately”. The only downside with classified ads is that you will get a lot of “tire kickers” calling you, but you will still get a few solid calls.
4) Craigslist: Surprisingly, I’ve had good luck with Craigslist over the years. I’ve bought houses through the site and also sold them. Place a classified type ad on the site and make sure to re-post your ad every few days.
5) Calling “we buy houses signs”: If you live in an area with a high concentration of investors (which you should if you’re trying to flip properties to other investors) then I suggest you drive around your area and write down all of the numbers on bandit signs. Then call the numbers and tell the people you’re an investor and you’re wondering what types of properties they are looking to buy. This is another great way to build your list and also a good way to get deals for yourself. Not too long ago I called a sign in Stafford, VA (where I do a lot of deals) and the investor actually ended up sending me a lot of subject-to deals since he wasn’t interested in doing them himself.
One of the most important things to remember when it comes to any form of marketing is to have multiple “irons in the fire”. Just don’t do one of these suggestions, but do all five of them if you are truly looking to get rid of a property fast. Because you never know which of these five ways will be the one that gets rid of your property and gets you paid.