Finding a Flipper Upper
f you are in the market for an investor property, but do not want to spend tons of money, you may want to look into buying one. By purchasing a flipper upper, of course I mean a fixer upper, and the more fixing you need to do, the bigger the profit potential. The uglier the house or owner situation the more equity you can force into the deal. If this sounds like something you are interested in, you are in luck. There are thousands available all over the country and the good news is most retail home buyers want a ready to move into property. The bad news is all the other investors know that with a little spit and polish these duds can be diamonds.There are flipper uppers everywhere; all you need to know is where to look.
Listed below are some of the most common ways that you can find a flipper/fixer upper in your area.
1. The most traditional way of finding a fixer upper is simply getting in your car and scouring the neighborhoods that interest you. Investors like to call this driving for dollars. By doing this you may not come across a lot of properties, odds are only about 5 to 10 driving for an hour, but you may find the one that really catches your eye. You are looking for neglected, unkempt properties, abandoned houses, FSBOs (for sale by owners) or homes with for sale signs in need of TLC in nice neighborhoods. Remember, you are not looking for beautiful, you are looking for potential. If you do happen to find a fixer upper this way, make sure that you take down the address (to look up the owner on the tax rolls) as well as the name and number of the real estate agent if there is a sign. read more…
