How to get Cheap property for Flipping

Question

Thanks to you all for sharing value adding advises.

Please I'm trying to get cheap property to rehab and flip; can you advise a reliable source to get this.

Also want to know if i can use HELOC and other source to finance the above.

Appreciate your anticipated advise

'Kemi

Andy Sabisch · Answer

Back to my initial response to this post . . . . $55K is cheap but if you fix it up and it is worth $75K, is it worth the squeeze? Cheap is a poor lead in to a flip question . . . . the question should have been "How can I find properties that support a "buy-&-flip" approach. I live in the XXXX area and plan to (do most of the work myself / contract most of the work out / contract all of the work out). I have $XXXX available from (a HELOC, LOC, HML, personal reserves) that I can put into the deal. Ideally I would like to see a XX% return on this project. What sources have you found that can help me find likely candidates for a flip approach?"

This type of question allows BP members to provide some specific details rather than generic info that may or may not apply to the initial poster . . . . .

Bruce Woodruff · Answer

The only way to really find what you want is to beat the streets. Find a decent but upcoming area. Drive around every day for months. Check out vacant houses. Go to the County Recorders Office and look up owner's names. Be prepared to take a property without seeing the interior or having inspections. You need to separate yourself from everyone else out there to gain the advantage.

Sabrina Sanchez · Answer

Where are you located and also do you have a preapproval? I agree with the previous person. A cheap house can mean something different for anyone. If you're looking for a deal I would suggest working with an investor focused agent and start attending free meetups so you can start meeting people. Networking is a great way to find deals as well, that's something we personally have experienced as we run monthly meetup in our town! Feel free to reach out if you have any questions!

Oluwakemi Oyebade · Answer

Hi Anthony, I really gained alot from your response up here. Thanks

Anthony Napier · Answer

The first thing I was taught regarding how to find a deal was to look for a "Motivated Seller". That would be someone who needs to sell a property fast. These types of sellers are less money conscious. They are looking for someone to fix their stressful situation fast. Here are a few examples, divorce, job relocations, health issues, foreclosure pending, and a long list of issues that affect the emotional stresses of their lives. I would get a list of properties in default on their payments. You can now find this information online, title company or your local courthouse as well. A very wise man once told me that, I could succeed in any business venture, if I just helped enough other people get what they wanted! Go fix a seller's problem, then fix a property!

Oluwakemi Oyebade · Answer

Thanks Sabrina,

I would like to be connected to the meetups; please advise.

'Kemi

Steven Foster Wilson · Answer

Cold calling is a great way to find cheap good flips. I would also go to networking events, you can often find people there that have pocket listings.

Oluwakemi Oyebade · Answer

Thanks so much Andy for your prompt response.

I am just looking for a single family house in any good state for flipping. I wouldn't mind referring me to recognized agents in this platform.

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How to get Cheap property for Flipping

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