What Kinds Of Flip Houses To Look For

You want the type of house that your buyers will want, the ones that, for
them, sell the fastest, and, of course, ones they can make a profit on.

Following are some tips on what you should be
looking for. In general, especially if you are
just starting out, avoid houses in the high end of the market.

Yes, they can look beautiful, and clean up real nice, but most
retail buyers will not be able to afford to live in them. And as
rentals, they are murder when investors are trying to cover the
mortgage payments.

* You want to work mainly with houses in working class
neighborhoods. Investors will be interested in these types of
homes for rental purposes. And a majority of reliable renters
will want to live in these neighborhoods.
* Look for houses in need of repair.

* Look for peeling paint, broken windows, unmowed grass, general disrepair.
Especially in the beginning of your career, deal mainly with
houses that do not need structural repairs, like foundation work.

You will receive your fees quicker because any needed repair work
can be done relatively quickly. In the neighborhood you are
working in, you want houses that are most affordable for
first-time buyers. Those are the houses your buyer will want to
rent out.

Put another way, you want houses in the median price
range for your area.

* The ideal house investor will want to buy will have 3 bedrooms and 2 baths, although
you can get away with 1 ½ baths. This is the bread and
butter rental house for your buyers. If your area has only 2
bedrooms and 1 bath, you may have to go with that. Or, go
50-60 miles out to do your farming for good deals.

What about war zone houses?

* Generally, you will do better in working class neighborhoods.
However, if you have buyers on your buyer’s list who want war
zone types of homes, go for it.

* Avoid houses with weird floor plans. For example, houses
where one is required to go through a bedroom to get to a
kitchen, etc. They will be harder for your buyer to rent or retail.
* Avoid houses that are too small.Medium size houses are what
you are after. Medium square footage for your
area, that is.

The more equity your deal has in it, the better your chances of
unloading it to a buyer for fast cash.
More equity means there is plenty of room for your buyer’s
profit, not to mention your fee.

* You, of course, want to be dealing with motivated sellers
who are willing (or forced) to take a discount from their
asking price.

Need some more free tips and ideas? Check this out…

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How To Find and Flip Houses

This is a great time to learn how to find and flip houses. The housing bubble has burst, which means that inflated prices have finally dropped and that people are buying and selling houses at rates that are actually reasonable, as opposed to the truly overinflated and borderline insane prices that were being asked just a few years ago. If you’re planning on getting into the house flipping game this is actually going to work to your benefit.

For one thing, it means that you have a lot less competition than you would have had just a few years ago, because many people have been scared off by the bubble bursting.  Secondly, it means that you can find good houses at something approaching their actual value, which means that it’s easier to fix and flip.

The first thing you need to do is find the houses that you’re going to flip. What you need to look for are houses that are in decent neighborhoods but are in need of some TLC to get them in a retail condition.

You don’t want to buy houses that are a hard sneeze away from collapse, but you do want to look for houses that are fairly ugly and musty. Old carpets, cheesy wallpaper and crappy cabinets are a house flipper’s best friends.

This is not a stage you should take lightly. Success in finding and flipping houses is 90% in the planning, finding the right houses where your profit is built right in. Part of this is finding the houses that are in the right condition, but another part of it is looking for motivated sellers.

What you’re going to look for when you first start learning how to find and flip houses are buyers who are looking to sell right now. This can range from people who have inherited a house and are looking to get rid of it to people that are on the verge of losing their homes to foreclosure.

Regardless, you’re going to be looking for houses that can be brought up to a more valuable condition and that you can buy for the lowest price possible. If you can find both of these, your ability to make money from flipping houses is virtually guaranteed.

Flipping the house is the comparatively easy part. If you’ve done your planning and buying right, all you need to do is work with a contractor to get the house in shape and list it at slightly below true market value. This will ensure that you make a quick sale and a quick profit when you’re learning how to find and flip houses.

Karen Roberts