Flipping Houses Tips: Things to do Before Buying Properties to Flip

With the right strategy, you can make a lot of money by flipping houses

, regardless of the current market condition. However, like any other real estate investing niche, the process of buying and selling properties for profit is a numbers game. You have to make sure that you're buying the house that will yield huge investment returns when you resell it. If the numbers do not work, you should proceed to the next property. In the real estate business, time is money, which is why you shouldn't waste your time and your energy on unprofitable deals.

Even if you have a great marketing strategy that allows you to generate tens of thousands of leads, you cannot still guarantee that you'll make tons of money if you don't know how to identify good deals from bad ones.

Listed below are some of the things that you should do before buying a house to flip:

1. Identify the seller's motivation to sell the property. Knowing what motivates a seller to sell his property can help you measure his readiness and willingness to enter into a business deal with you. Although what motivates a homeowner to sell will not exactly make or break a deal, having a clear grasp on this information can help you separate lucrative deals from duds.

2. You should also determine the seller's asking price. Identifying how much money a homeowner is willing to sell his property for can give you a good basis for your initial offer

3. Inspect the property. Before you invest in a property, it is important that you have taken a good look at the house so you can personally assess if it is worth the trouble or not. Like what was mentioned earlier, flipping houses is a numbers game. By inspecting the property, you'll get a clear idea on how good the numbers that the house will produce are.

4. Run some comps on the property. Running comps, or comparable sales, enables you to determine the value of the house you want flip. If you don't have the time to check records at the city hall, you can surf the Internet because there are websites that you can use to check a property's value for free. Although at times these websites don't give the exact value of a particular property, it will give you at least an idea on how the much a house in a particular area is worth.

For more tips on the process of flipping houses, visit www.RehabList.com.

Flipping Houses Tips: Things to do Before Buying Properties to Flip

By: Owen Nielson

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