Finding Properties To Flip
What buzzwords on a real estate listing signal a good candidate for flipping?
Some of the buzz words that you want to look for when you're looking at listings are great architectural detail and great potential. I'll tell you why architectural detail is so valuable. It's because when a property has a wonderful architectural detail, it's there, so all you have to do is showcase it. You're creating this incredible visual in the house that's already existing. If it's got architectural detail, or what we call "good bones", look for the buzzword "good bones", those are the things you want to look for. "Neglected property, needs landscaping", any of those buzz words are good. "Great neighborhood", that's another really important thing. Those are the kinds of things, when you're looking for a flip property, those are ones, when you see them, investigate.
What buzzwords on a real estate listing may be misleading?
When you're looking at the real estate listings, of course, the immediate buzzword is, needs loving care, needs TLC. A lot of times though, those mean they are properties that you don't want to buy or look for as a flip property, because it means they're really pretty easy to do, it just means someone's probably lived in the house for quite a while and needs to replace the carpet, and it needs a good paint job. So when they say it needs TLC it may not be the profit potential and the profit maker that you're looking for. Go look at it but I can promise you that if it says needs TLC it just does need the TLC and isn't going to make you enough money to buy, fix and then flip.
Should I work with a realtor if I'm buying property to flip?
I think the key to buying properties that are flip properties is very much about finding a great realtor that's going to work with you, knows what your goals are, and you work as a team. Because, that's how you're going to find all the best properties is by working with your realtor team. There are lots of other opportunities out there, by foreclosures or houses that aren't on the market, but I like it when the phone rings and my realtor calls and says, "I think I have the perfect property for you." He knows what I need, he knows the valuations of the property, he knows what the properties will sell for once you fix them up. Your first goal when you think about getting into flipping is to find the perfect realtor to team with.
What should I look for in a realtor for a house-flip?
When choosing the right Realtor to work with, the key is, you're going to want to work with someone time and time again, so you're going to want a Realtor that is experienced in looking for renovatable properties, fixable properties, as well as has a good eye for understanding that once you fix this property up, he's going to put it on the market and try to get top dollar for it. And I can promise you, this Realtor is going to want to work with you because you're going to be, not a client once; you're going to be a client two, three, four, five, six, or seven times. You're a good client. So make sure you find a Realtor that understands what you want to do and wants to work with your type of buyer.
