subject: What to Look for When Flipping Real Estate Properties [print this page] What to Look for When Flipping Real Estate Properties
When flipping real estate properties, or any business venture, there are things that you must work hard to find. These could be buyers, lenders, sellers, retailers. They could be cheap houses, ugly houses. In a food business, perhaps you'll need good cooks and cooking materials. In an online marketing business, it could be good copywriters and good website designers. But when it comes to flipping houses, there are only two things or people that you need to find.
Before we divulge who these two people are, it is important to understand that the business of flipping real estate hinges on time. Flippers, or real estate wholesalers, work fast because their contracts to buy a property are usually valid for a short period time only. Besides, that's their spiel when talking to sellers. They say that they can close fast, although at a lower amount. With this in mind, you must therefore search for these two crucial players in the equation as fast as possible. Now, let's start the revelation you need to know when flipping real estate properties.
The first person you must look for when flipping houses is a motivated seller. This is the owner of the property you would want to place under contract. How exactly do you recognize a motivated seller? Well, he must be in some sort of "pain" and that the only way to cure this pain is to sell his house. For instance, if he is hugely indebted and fears that the bank could end up repossessing all his properties, then he'd rather sell the house. The advantage of dealing with this kind of sellers is that he is usually willing to accept a very low amount for his house. What is important to him is that he disposes of the property fast even at a wholesale price.
The other person you must search for when flipping real estate properties is a motivated buyer. How exactly do you recognize one? Well, he is simply someone who is very interested in owning properties in that area. Therefore, he could be a landlord. But in most cases, he is a rehabber, or someone who buys cheap houses, improves their condition, and sells them for a profit. Since rehabbers are always busy with making repairs and improvements on the property, as well as looking for a retail buyer for the property, he would gladly buy a house from a wholesaler. He finds this system to be more convenient.
Want to know where to find these two people? Go to RehabList.com right now.
