How to Find Deals Without Walking Properties
Time is money, and in the industry of house flipping, not much else is on the table except making some dollars fast. With that, streamlining any aspect of the process of flipping houses means a few fewer minutes spent on the project at hand to allow for a few more minutes to be spent on the next project, and so on. Let’s dive into how to find deals without walking properties.
Tips on Finding Deals Without Walking Properties
If there was a silver lining to the COVID pandemic, it was a realization that a lot of work that we got used to seeing completed in an office setting could be completed just as easily at home, and many evolutions in remote-office offerings came to fruition due to legislation put in place that forced people to stay home to stop the spread of the virus. Though the majority of house-flipping work requires personnel to be onsite, there are still plenty of things that can be done from a couch that used to require you to get up and get out of the house. One such aspect of house flipping that can be done without leaving your own home is finding new houses to buy and flip. Here is a look at 4 ways you can find great deals without ever leaving the comfort of your own home.
Tip 1: Let Them Come to You
Though often a bit tacky and frowned upon by some municipalities, the signs we’ve all seen that read “We Buy Houses” actually do tend to work pretty well, especially given the fact that once they are placed, no more work is required. Taking the “tacky signs” to the digital age is an inexpensive means of passive searching as well, and things like sponsored ads on social media can serve the same purpose as a “We Buy Houses” sign. It’s not a bad idea to stay a bit tacky in this realm, either, as you’re not looking for every single house on the market, just the ones with the potential to fix up and sell off at a profit. Even adding the word “foreclosure” to your ad can help convey your message without actually having to say, “I’m a house flipper!”
Tip 2: Foreclosures
Speaking of foreclosures… these homes are often great opportunities for house flipping profits to be made, but how do you find out when homes are available? The first step is swallowing your pride, as buying foreclosed homes is very literally profiting off of someone else’s misfortune, but if it wasn’t you, it will just be the next person, so understand it’s just a part of the game. Here are a few ways to find foreclosed homes:
- Government Listings – Though it varies from state to state, the majority of foreclosed homes that become government property get listed on state and/or local housing development websites.
- Bank Websites – Similar to government listings, many banks will list their foreclosed properties on their websites before releasing them elsewhere. If you have the time to make a scheduled effort to check bank sites every week, you can definitely find some gems before they hit the broader market.
- Fannie Mae/Freddie Mac – These organizations (as well as other similar ones) purchase foreclosed homes and sell them at a profit. You’re losing a little bit by involving a proverbial middle man, but it’s extremely easy to find these listings, and the homes are priced to sell.
Tip 3: Pocket Realtor
Generally speaking, a business relationship between a realtor and a flipper can be quite a mutually beneficial one, even if dollars aren’t frequently exchanged directly. By becoming an associate of a realtor or realtors in your area, you can begin to help each other find what you’re looking for. A realtor may hear about a foreclosed property coming to market that he or she is not interested in, but thinks you may be. On the opposite side of the coin, you may be conducting your search and determine a home is in too good of condition to be a profitable flip, but you can let the realtor know about it for their own benefit.
Tip 4: Put Your Cards on the Table
Ultimately, being honest about your goals is the best way to help people help you. There’s no shame in house flipping and most parties involved understand that it can be very lucrative. Foreclosure salespeople don’t generally take a lot of pride in selling a dilapidated home to a family of 5, so there are a lot of win-win situations to be had between flippers and sellers, so keeping an open and honest dialogue is a great way to start having home ideas sent to you, so eventually, you won’t even have to do the work from your couch! But for now, these tips can help save you valuable time in lieu of walking properties. Do be safe, though, as most online listings have some small print!
A Final Take on How to Find Deals Without Walking Properties
If you’re looking for a way to find deals without walking properties, there are some great tips we can share. Let them come to you by staying up-to-date with what is happening in your area on social media or through the news and online publications. Foreclosures offer another option that may be closer than they seem if you put in the time researching listings and contacting potential sellers directly. Finally, it never hurts to have all of your cards on the table when meeting with buyers or sellers at an open house – so make sure you know everything about any property before stepping foot inside!
We hope these few ideas will help spark new insights into how real estate investing might work for you! For more information, take our online course to set your house flipping on autopilot.