5 Creative Ways to Find a Home to Fix and Flip
HGTV makes it seem like flippers come across potential investment properties every day with ease. But, in reality, it can be much more difficult to find a fix and flip property. While many seasoned investors have such a strong referral system, beginners can’t exactly rely on word-of-mouth in order to acquire properties. With low inventory in our current market, there is a high sense of competition between real estate investors, especially between those who are new to the industry. However, as always, ZINC is here to help! After our years of experience in this industry, we have seen many creative ideas that investors have come up with in order to find properties and we are here to share them with you!
Here are 5 Creative Ways to Find a Home to Fix and Flip:
- Partner with a Real Estate Agent- Real estate agents are likely to be more familiar with the area and can see what new homes come on the market. Agents have access to the MLS. This means that they have access to most of the properties for sale in your area. Aligning yourself with a licensed realtor can provide exposure to properties that other investors may not know about.
- Talk to wholesalers- A wholesaler’s job is to buy distressed properties and find a buyer that will flip the home. Wholesalers are usually well connected in specific neighborhoods and acquire many properties through referrals/word of mouth. This may be very beneficial if you are new to the industry. But, be cautious of their markup.
- Market yourself- Like any business, it is vital to brand yourself. Novice investors can find success through putting signs up in neighborhoods notifying residents that they buy distressed homes. Other methods include: sending out flyers, letters, door knocking, and having a strong social media presence.
- Don’t forget about government agencies- When foreclosed homes do not sell, they are taken over by the bank or lender. Investors can gain access to these listings by calling banks or through government agencies such as the Department of Housing and Urban Development.
- Join a group online- There are many real estate investment groups on Facebook and LinkedIn. These groups provide networking opportunities and local meetups that would be helpful for new investors.
After using the tips listed above, The next step is to get your property funded! If you have an investment property in mind, click here to apply for one of our loan programs. We lend up to 90% of the purchase price and 100% of the rehab. Give us a call at (888) 552-6637 if you have any questions or need any fix and flip advice!