Types of properties to flip

5 Replies

I was looking at few posts and I saw a few people mentioning that REOs weren't the way to go. What kind of properties do you guys normally look for when flipping? How do you find these properties?

Thanks,

Mark

The easiest way is to work with a local agent, ask them to send you a list of bank owned properties under whatever price you can afford. You could also just go to the bank website and look at them. Now not all banks have a REO site. If you do find a property you are interested in you will still need to use a agent.

That is the easiest but not the best.

Originally posted by @Sydney Chase:

The easiest way is to work with a local agent, ask them to send you a list of bank owned properties under whatever price you can afford. You could also just go to the bank website and look at them. Now not all banks have a REO site. If you do find a property you are interested in you will still need to use a agent.

That is the easiest but not the best.

 For got to add  I look for min 3/2 ranch style homes and double plex or four plex. 

I stay away from Foundation, roofing and major electrical work. I also have a set profit I want to make.

So what is the best? I currently am setup with an REO search through my agent. My min has been 3/2. I don't stay away from the issues listed but that is because my father in law is a general contractor who specializes in roofing. Thanks for the help Sydney!

The best way is to buy direct from the banks asset manager. I work directly with 41 banks on the east coast now, but this took me a long time to build that list. 

And your welcome

Thanks Sydney. Thats a good idea. I use to work for a small bank as their IT guy. We had REOs but almost all of them were valued less than was was owed to the bank. The problem was we almost always got what we owed on the property so I just assumed most banks were like that. I will look into it though since I have some contacts.

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