How to find house flipping deals?

Question

Hello everyone,

This may be a total newbie question, but how do you find deals for flipping houses?

My wife and I are new to flipping houses and are struggling to find properties to flip. The MLS is a complete nightmare so far to find anything that isn’t going to be bid up to the point no one could make money.

I’m wondering if anyone would be willing to share some strategies on a few different avenues to finding properties other than the MLS.

This is our main source of income for the time being so needless to say any help would be much appreciated!

Greg Dickerson · Answer

Ryan,

The MLS can work. Look for vacant properties that have been on the market for a long time, at least double the average days and have had price reductions. Then start making offers where you need to be. You have to make a lot of offers but you will get some deals.

If you have the funds direct mail is still very effective if you do it the right way. Don't let anyone tell you it doesn't work. It does big time. You just need to be consistent and answer the phone live and or return calls immediately. Do not use google voice. It's all about speed to lead.

Internet works as well but you need to spend money driving traffic and again you have to respond to leads very quickly and answer the phone.

Facebook can work and its cheap but you have to sift through a lot of garbage.

Wholesalers are good but you need to be clear with them what you're looking for and you will be sifting through a lot of junk.

Networking is very effective as well. Let everyone know you buy houses.

Bottom line is you need to be networking constantly, looking at a lot of properties, talking to a lot of sellers and making a lot of offers.

Have a plan each day to do consistent activity and the deals will follow. Then we will be talking about how to scale to 100 deals a year.

Kuba F. · Answer

@Ryan Kates

There are hundreds of ways.

Online:

https://www.biggerpockets.com/blogs/8814/72016-55-...

Offline:

https://www.biggerpockets.com/blogs/8814/71506-27-...

Through relationships:

https://www.biggerpockets.com/blogs/8814/72664-35-...

You just have to find the one or two methods that work for you and that yields decent margins.

With all of these methods, it's going to be 1 in 100 that turns into something, so your success is going to be directly related to your hustle.

Cheers!

Ryan Kates · Answer

@Kuba F. The links you’ve shared have some great ideas. Thank you for being so thorough and taking the time to respond!

Brian Pulaski · Answer

I have purchased from MLS, off market through word of mouth, through wholesalers, etc... The best way would be to go after your own off market leads, but keep in mind this is easier said than done. You can knock on doors, cold call, send direct mail... There are lots of strategies out there, and 99% of them are discussed on here.

Kevin M Finley · Answer

network locally and tell everyone you know that you’re looking to buy. Call wholesalers. Go to tax auctions.

Ehsan Rishat · Answer

@Ryan Kates Potential leads are all around you. All you have to do is find them and there are many tools at your disposal to do this.

Firstly, use online lists to generate leads that are unique to your cause. ListSource is a great tool to use in this regard. Then get out on the streets and drive for dollars. Go out on a nice drive and on your way make listings of properties that seem appealing to you. By this I don't mean list any random property, but, ones that actually show potential (eg. broken roof, weeds growing, grass not cut etc). Access public records on those properties to get contact information and mailing addresses. Targeting people using Facebook and Google ads can also generate some quality leads.

Good Luck!

Angela Russo · Answer

@Ryan Kates   Have you considered online marketing or direct mail?  Like others have said, consistency and follow up and making lots of offers can make any type of marketing turn into deals

Grant Rothenburger · Answer

@Ryan Kates Wholesalers are your best friend (good ones anyway).

Like @Kevin M Finley said, find them locally at meetups or here on BP.

Ryan Kates · Answer

@Brian Pulaski thank you for taking the time to respond. It is definitely easier said than done, but I’m going to stay hopeful!

Ryan Kates · Answer

@Kevin M Finley thanks for responding! I appreciate the help!

How to find house flipping deals?

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