How to Find the Best Houses to Wholesale Flip for a Profit

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Prospecting is a key element in the process of profitably flipping real estate. Here are some good methods of finding homes to flip profitably. Below are some great tips for anyone, both beginner and seasoned veterans will learn something from this article.

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    Search the Multiple Listing Service (MLS, also known as Multiple Listing System)This database contains all houses for sale whether under a listing contract by that agent’s brokerage or by any other participating broker. Your Realtor (and some websites) can set up an advanced search listing requirements that you would desire in potential flip houses. For example, you tell your Realtor (or the MLS search website) that you’re looking for houses that are at least 3 bed, 2 bath, minimum 1,300 square feet, priced between $150,000-$275,000. You can get much more specific with the requirements if you want. For example, ground pools, extra storage, 3 car garage, built before 2005 etc. Just remember that the stricter your requirements are, the less houses you’ll get a chance to look at.

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    Contact and/or join Real Estate Groups. Joining a Real Estate Group puts you in the middle of the local Real Estate players. In addition, when you are speaking with people in the group or talking up your next project, someone usually has a project in the works and is looking for partners. If not then possibly they’re trying to off load a property because they don’t have time to flip it or just need their money out of it for personal reasons. You can make a lot of friends and valuable business associates from these types of groups.

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    Explore Tax Auctions. Tax Auctions and Sheriff’s sales are another way to acquire property for flips. You can successfully flip property using tax sales but they’re a bit more risky. You have to really know what you’re getting into and run your own comparables so you know with certainty what you should walk away with at the closing table. There are many companies and people who deal with tax auctions in most counties, so finding someone or a company shouldn’t be a very daunting task.

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    Contact home Wholesalers. These are companies that usually acquire properties through tax sales or short sales and sell them to investors. Companies like this usually have a list of buyers like you that are looking for homes to flip, hold, or buy for some personal reason. After they acquire a property, they will write a brief description about. These companies are all over internet so just type ”real estate wholesalers” into your favorite web search engine you’ll be inundated with firms. They usually only deal with people that have cash or are using hard money.

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    Read the Local Paper. Believe it or not, people still do (as of now) advertise to sell their homes in the local paper. You’ll most likely find more “Open House” ads but they’ll usually list when, where, and how much. You can find a lot of mobile homes and condominiums for sale by owner (FSBO) in the local Penny Saver.

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    Explore Probate Sales/Estate Sales. This is a great way to pick up homes that are in decent shape at a discounted price. There can be some possible “Red Tape” involved in obtaining a home through a probate sale. This process is more of an advanced system to acquire houses but learn how to do this because it can be invaluable once you understand the process.

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    Consider the advantages of working with an Attorney.

    • Probate Attorneys- They work with families going through the probate process to liquidate assets (houses, cars, stocks, bonds, etc) to distribute a surviving heir’s inheritance. Getting to know probate attorneys can open up a wealth of opportunity with virtually zero competition in acquiring the property. Most of the time families just want to liquidate assets from the estate as quickly as possible to receive their inheritance. You have a VERY motivated seller in this situation. Never underestimate the power of greed. You can usually use their greed to your advantage by buying the property at a greatly discounted price if you can close quickly. It also helps to have the attorney on your side nudging them along.
    • Divorce Attorneys- As you can imagine, people tend to get a bit irrational and spiteful during the course of a normal divorce. At times some people tend to not care about what they receive just as long as the other party receives even less. For obvious reasons you probably can come to certain conclusions about why a busy divorce attorney could be an asset to have on speed dial. Anyone that has had the unfortunate experience of going through a divorce can probably understand these feelings.
    • Bankruptcy Attorneys- Bad things happen to good people and there is no rhyme or reason why sometimes, but there is opportunity. While unfortunate for the bankruptcy filers, the leads from this type of attorney could make your decade.
    • Real Estate Attorneys- They deal in Real Estate for a living, fixing problems people are having with their partnerships, co-ops, joint ventures etc. This is probably an obvious one, but clearly needs to be mentioned.
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    Enjoy purchasing and flipping your new home project!


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