I've been looking for my first house to flip in Fort Myers, Florida, and so far have had no luck. I've been looking for about 2 months now. I'm ready and would like to find something ASAP so I can get started. Cash budget of about 300-400k. I just moved here and have been learning all about the market, so if anyone has any advice, that would be great. It seems like it's hard to find a good deal on a flip house right now...!
It’s hard to find a good deal on a flip anywhere in South Florida right now.
I’ve been looking in my area for about 4 months and can’t find anything that makes sense.
It’s a tough market currently just stick to your criteria and be patient but don’t worry it’s not just you there’s lots of us on the sidelines looking!
That's what I thought! Why is the market like this right now? Do you have any guesses as to when deals will become more prevalent?
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Hey @Kristen Clarke There are deals passed around every day in this market. A good place to start would be to go on craigslist and look for "I Buy houses" ads and call the numbers and get added to the wholesalers buyers lists. Also call any bandit signs. From there, attend the local REIA/meetups and make connections with everyone. Personal connection/trust goes a long ways.
After those, you have to decide how proactive you want to be as well as if you want to put money into marketing. You could consider building a driving for dollars list and then call/mail them. In my experience, "doing the work" aka the stuff other folks don't want to do, gets you deals. Make the calls, have the conversations, get uncomfortable.
Hope this helps!
@Kristen Clarke This is, for now, a permanent situation........you have many more flippers and flipper wannabes now than ever before....with about 10% the number of reo’s and short sales as back in ‘08......do the math.
Keep at and keep checking out potential flips. You’ll learn the different neighborhoods and have your finger on the pulse of the market and know a good deal when you see it. Ideally have your inspector check it out before making an offer so you can remove the inspection contingency and make your offer more attractive, especially in a multiple bid situation. Let me know if I can help.