How to find great deals to flip

1. Define your criteria – Concentrate on areas with strong demand from buyers and limited supply. Single family homes are usually better for flips.

2. Play the numbers game – You will not get every deal for the price you want. Figure out what the property is worth to you and do not go over.

3. Get as many properties into your pipeline as possible – The more properties you get into your pipeline that fit your criteria, the more and better deals you will have to cherry pick from.

4. Create efficient systems to filter out the duds – Avoid timely due diligence on properties that are duds. Quickly figure out what the property is worth to you and whether to proceed with an offer. Due diligence can wait for properties under contract.

5. Write lots of offers – Play the numbers, write a lot of offers.

6. Complete thorough due diligence on contracted properties – Once a property is under contract, you need to have an inspection, get rehab bids, confirm market value, confirm you have multiple exit strategies and make sure you have plenty of equity and cash flow in order to make mistakes and run into surprises and still profit.

7. Cherry pick only the best deals – With a lot of deals that fit your criteria coming into your pipeline, you have the advantage of picking only the best.

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