How To Find Profitable Houses For Wholesale Real Estate Investing
How To Find Profitable Houses For Wholesale Real Estate Investing
Here are a few tips to help you find good investment property.
The beast way to be safe is to make sure you buy your houses low.
Here are a few points to consider to ensure the house is a good investment.
1) Extent of repairs
Most wholesale houses need repairs.
It is important that you find out the dept and cost of all needed repairs.
If repairs are light, you probably have a good deal.
Unexpected or major repairs can eat up your profits quickly.
2) Budget
Can you fix it and stay within your estimated budget?
From time to time, it could be required to carry out an inspection even for a house that needs repairs to find out if you might need to do structural repairs such as plumbing, changing walls and so on.
3) Time frame
Can you do rehab in a short time-frame?
Will the changes increase the value of the property to make it more marketable?
Speed is necessary when flipping houses so costs remain low.
The goal should be to spend little money, make your profits and go to the next deal.
4) Hiring contractors Vs doing it yourself
Even though flipping houses involves wholesaling them to other rehab real estate investors, it may well be necessary to assess the type of rehab that needs to be done and if you can do it yourself if necessary, or hire a contractor to do it for you while keeping the carrying costs low.
5) Neighborhood
You need to avoid war zones or very low priced areas.
You must also stay away from expensive neighborhoods when flipping houses.
Staying within the medium price range will not only give you more deals, but your properties will be more marketable.
Is the home a good match with other homes in the same neighborhood?
Is it too big or too small in comparison to similar houses?
These things will make your house harder to sell and eat into your profits.
Stay within the median in that neighborhood to be most safe.
6) Comparable sales
Do comparable houses sell at prices that will allow you to make a profit?
It might seem like you have bought it low enough, but comparable sales in the area might prove you wrong.
It is safer to have conservative estimate of the fair market value when buying houses than make end up making a loss because houses in the same market have not been selling within your price range.
7) Demand for the property
Even in a depressed real estate market some neighborhoods are more marketable than others.
Is it near important services like schools, hospitable, shopping, recreational facilities and others that make it more appealing to buyers?
This will make you sell your house fast.
Whether you plan to flip the house to another investor or do the repairs yourself, these are important factors to consider that will make your house sell faster and move on to the next deal.
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