Finding a fixer-upper isn’t always easy work, in fact, it can be pretty difficult sometimes, or if you are just starting out in the real estate investing game you might not know where to start. To help you on your search for your next investment, here are some tips to help you out.
Working With A Wholesaler
Wholesalers are a great way to find distressed and discounted properties to help you find your next flip. Keep in mind though that you might also be competing with other real estate investors for a property that you like. Don’t let that scare you, still take steps to do your due diligence on the property and other items that are being marketed by the wholesaler.
A tried but true method of getting leads. Going door-to-door gives you an opportunity to see the home and then make an offer. Don’t want to knock on doors, you can always leave a note on the door with your contact info and that you are interested in buying the home.
For Sale By Owner (FSBO)
Similar to door-to-door you will be working directly with the owner of the property, but you have the added benefit of being able to use sites like Zillow or Trulia to find properties that are for sale by owner. This saves you a lot of the walking and driving, and get’s you started on talking numbers with the seller.
Trustee sales, also known as foreclosure auctions, give you a chance to buy a property at a discount from what it could sell it. While the live auction at the courthouse steps is still available to go to, you can also place bids online at sites like Auction.com. You can also stay ahead of your research by using a title company to provide you with a “notice of trustee sale” report that lets you know what homes could be hitting the auctions soon and help you conduct your due diligence.
MLS (Multiple Listing Service)
Have your Arizona realtor’s license? The MLS is a fantastic source to help you find properties that have been on the market for an excess of 90 or 120 days, making this a great opportunity to provide an offer on a home that needs to sell. Create a hot sheet monthly or weekly to give you a call sheet and give an offer to the owner.
Once you’ve found your next fix and flip, give us a call to get you started on financing your purchase.