Select one of the capital investment evaluation methods described in Chapter 10 of your text.
Market Research Next, you are going to want to take a look at the market and decide where the best place to flip will be. Every market is different, so you need to have a good handle on the market you plan to flip in. Ask yourself these questions: How much are average homes selling for?
How much are bank REOs selling for? How fast are properties selling? What areas seem to be selling the fastest? Do a thorough job of understanding and honing in on your local market. Walk through as many open houses as you can, and meet with local experts to discuss the state of the local economy.
Then, cycle back to the math and see if flipping makes sense in that area. You first need to ask yourself a very basic question: How are you going to pay for this flip? There are a lot of different strategies you can use to finance your next house flip. All Cash — if you have the cash in your bank account, you can simply write the check.
This is obviously the easiest solution, but for most folks, this is not likely. Hard Money Lenders— A hard money lender is a private individual or company that lends on high risk loans like flips and charge high fees and interest to get the money. Hard money loans are ideal on flips, because they typically have only a one year or less maturity date.
Private money can be one of the cheapest sources for funds, though raising private money can be difficult and legally-cumbersome.
Combination — Finally, you can mix and match nearly all of the above methods to finance your next flip. Try to get a loan commitment if you plan on using any of the loans listed above, so when you find a property, you can quickly jump on it.
Find a Real Estate Agent At this point, you understand what makes a good deal a good deal, have the financing lined up, and you are ready to rock. Yep, your seller is going to pay the agent, so why not use one? The agent can open doors, write up offers, get you comparable sales so you know what properties are really worth and so much more.
Again, these agents are free so it only makes sense to find a good one — especially an investor-friendly agent be sure to check out How to Find an Investor Friendly Realtor. Do you really want that person helping you?
Find a good agent. Define Your Prospective Deal Before you start randomly looking at properties, you first need to funnel all the possible choices down to some specifics.
This is when the Education and Market Research come in handy. You want to flip houses that people want to buy — so what kind of homes are they buying, and where? Let your Agent know this stuff, get a list of all the possibilities, and have them set you up with some Automatic Emails when properties that fit your requirements come on the market.
Specifically, define for yourself the following information: What location will you flip in? You should now have some specific criteria to begin filtering through all the properties on the market- mostly automatically.
Keep in mind, however, that sometimes a 2 bedroom home could become a 3 bedroom or a 1 bath house could become a 2 bath — so keep your criteria a little liberal. So actually get out some paper and start analyzing some real life flips, like I do in this video.
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