Just getting started in real estate investing or old sources of properties running dry? Check out the following 6 sources of discounted homes which may be a great fit for your house flipping business.
1. FSBOs
Believe it or not there are still homeowners out there who have equity or even own their homes free and clear and who are ready to deal. Unfortunately those who have signed up for some for sale by owner sites may have invested thousands in junk marketing but there are nuggets to be found. Data and lead list companies can help you target those with the most equity for a variety of marketing campaigns.
2. Probate Properties
With so many new players and old players jumping into real estate investing today it can make a lot of sense to find a niche and own it. Probate and estate sales could be just the ticket you need, offering discounted homes and motivated sellers.
3. Condemned Properties
More investors are inquiring about real estate investing in condemned homes. You need to be very careful here as there is obviously a reason they are in trouble but you could find some amazing deals which aren’t that difficult to flip if you do your due diligence correctly.
4. Realtors
Real estate investing newbies and long time pros alike often immediately turn their noses up when they hear Realtor. However, more often than not this is because they are told to, not because they have had an endless string of bad experiences using them themselves. Find one or two great ones, negotiate discounted rates and make sure you have a constant stream of homes to look at every morning.
5. REOs
While their is a lot of talk about bank owned REOs going away, at least for the average investor they are still up for grabs right now. You can even often find them by walking into your local bank branch though you may find more luck and less competition approaching smaller banks than the bigger nationwide chains.
6. Wholesalers
For those looking for the best of both worlds; a constant stream of properties offering big discounts, without a huge investment in marketing and hours a week scouting for deals one at a time then hooking up with 2 or 3 great wholesalers might be the answer.
