Tips on Spotting a Good Flip

Spotting a Good deal is the first step in flipping a property, you need to be aware of the general desirable traits for your potential buyers to spot the perfect fixer upper you need to keep in your mind a checklist of requirements for a potential property.

Yes you can go online to spot good listings but the real way you are going to uncover the perfect flip is physically roaming around a neighborhood or by coordinating with a local realtor.

The steps you can take are simple, research and read around and track down an up and coming neighborhood where prices are rising and conditions are ripe, check if any listings are available, call up the owners or dealers listed in the property listing and set up a meeting, a day before the meeting Google up contacts of local realtors, easiest way would be to Google local listings and spot the realtors name at the bottom of the listing then Googling up their name, their numbers will be provided with their property listings.

One you are physically in the area do a drive by, check out the neighborhood and start crossing the items off your checklist.

Here are the points you need to keep in mind when looking for a good flip

• Property must be located in a great neighborhood with a school close by
• It’s the only property that looks completely out of place and totally run down next to its neighbors
• The property is not occupied
• The price of the property is low enough to be able to accommodate for a budgeted Renovation
• The foundation and the physical structure of the house of sound and strong
• The potential income after sale is at least 200% to 400% the cost of repair
• The taxes are unpaid for the property
• The landlord is absent from the premises
• The property is either a foreclosure property or is listed to be foreclosed
• If in case owners are present they are close to bankruptcy
• If in case they are financially stable they are possibly getting separated
• The renovations are not beyond your capability to complete
• Documents for the property are not fake or irregular
• All the documentation is verified
• The Layout of the property is Reasonably structured and can be decorated
• open kitchen layout
• A minimum of 2 bathrooms
• A large lawn area with huge potential for improvement
• Garage and/ or a driveway / Path to the house from the lawn

If any of these elements are present in the property you are possibly looking at a good deal , you should contact your private lenders immediately and set up a plan for purchase and get ready to secure and flip the property.

Remember due diligence is always recommended in going for a distressed property, remember to get your inspection done as well as taking out insurance to cover yourself once you start work.