As a beginner, how can you search for and find houses to flip? Ironclad Storage is here to help you break the entry barriers with helpful house-flipping tips. Learn the kind of research you need to do beforehand and what you should try to avoid to make the most of your time, money, and energy. Follow our guide below to learn the basics to finding houses to flip!
The neighborhood your house is in is just as important as the house you choose to flip. Since you cannot change any aspects of the neighborhood, make sure it serves your ideal buyer well. That means looking at cost of living, school districts, public transportation, and more to find areas that will attract buyers before you even begin fixing up the property. Crime rates, accessibility to grocery stores, and nearby green spaces might be the neighborhood factors your buyers require, so do you research to find what your buyers need in their area. You can begin with New Silver Lending’s state-by-state guide to house flipping to jumpstart your project.
You are probably familiar with online real estate marketplaces if you are interesting in flipping houses. Sites like Zillow make it easy to search through properties for sale across the country. We especially like Zillow since it offers a wide collection of real estate industry resources to assist buyers and sellers through the different processes. Its Home Sellers Guide and Foreclosure Center are especially helpful to house flippers.
In addition to searching for homes yourself online, it is also beneficial to link up with a real estate agent who has experience working with house flippers. They can help you navigate the sale and provide insight on the markets you are searching. Keep your search widespread to find your gem!
If you are flipping a house, chances are you intend on doing a decent amount of renovations before you sell it. The most difficult part of this project is staying on budget as you make all the necessary fixes. Balancing your budget between the initial sale and repairs is easier said than done. If you pay more for your house right away, you may have fewer repairs to deal with, but you might get a discount for a house that needs a lot of work.
Ask yourself a few questions before buying. What are my/my team’s renovation capabilities? What projects will we need to outsource for? We recommend avoiding these issues when buying your house:
Remember these house-flipping tips as you start your search. As you reach the “flip” part of your project, contact Ironclad Storage in Prior Lake, MN, to help your organize your project. We can hold materials, equipment, and supplies until you are ready for it. Search through our available temperature-controlled and drive-up storage and rent your storage unit with us today!
About the Author: Katie Mest is an SEO Specialist at Storage Asset Management in York, PA. She specializes in writing about the self storage industry, including storage tips and helpful resources. Outside of work, Katie enjoys camping, hiking, and exploring the outdoors with her newly adopted Greyhound rescue, Titan.