Reiwired: Fix And Flip: Searching For The Perfect Fixer Upper Home
One of the biggest challenges of many real estate investors when they fix and flip properties is finding the perfect fixer upper home
. Because a rehabber makes money when he buys a property, not when he sells it, he has to make sure that the house he wants to invest in can bring him huge profits.Fortunately, there are many sources of great properties that you can fix and flip. One of them is foreclosures. Foreclosed properties are houses repossessed by lenders due to the homeowners inability to settle his mortgages and other payments.
Another good example of properties to rehab are REOs. Also known as bank owned homes, REO (real estate owned) houses are repossessed properties that have undergone the foreclosure process. Unlike ordinary foreclosures, however, these houses have failed to receive bids at public auctions and are legally owned by banks and other lending institutions.
Meanwhile, to make things easier for you, listed below are some of the ways to find houses that you can fix and flip.
One of the tried and tested methods of finding properties is to run advertisements on the local newspaper or on the Internet. By using such a strategy, you can easily reach your target market as most people read the newspapers and surf the Internet to keep themselves informed on whats happening around them.
Using bandit signs is also a great way to locate your next rehabbing project. However, putting up such signs can be illegal in some cities and states. Therefore, you should always be careful when using this particular marketing strategy to prevent problems with the local authorities.
Hire bird dogs. For a small amount of cash, you can save a lot of time, money, and energy by using other peoples talents in finding profitable properties.
Attend foreclosure auctions or check out the local bank and lending companies and see if they are selling properties. Many lenders are having trouble accommodating REOs and foreclosures as many homeowners had their properties repossessed because of the economic recession. You can do them a favor by buying these houses from them.
You can also drive around the neighborhood and look for vacant houses that you can fix and flip.
By using the right strategies, you can easily find properties that you can renovate. For more information on rehabbing houses, visit www.REIWired.com. The website has various learning resources on investing in real estate.
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