How to Find Run-Down Houses for Sale

House flipping has grown in popularity over the years as people look for investment opportunities. Some people become so skilled at flipping houses that they can quit their regular jobs to become full-time house flippers. 

Whether you are looking for a fixer-upper as your primary residence or are considering becoming a real estate investor, you should learn more about house flipping and how to find the best prices. Alternatively, if you are looking to sell your house to be flipped, it’s equally important to understand how the process works and why you should be a motivated seller.

Why is house flipping a good investment?

House flipping is a good investment because you can turn a profit when you resell the home. However, there is an art to the skill of house flipping that you need to develop to avoid sinking too much into distressed properties that erodes your profits. 

There are three key concepts to remember when purchasing property for sale as an investment:

• What are the current market conditions in the neighborhood where the property is for sale? You need to compare recent sales prices of homes to get an idea of the market prices. You also need to determine the average days on the market. The last thing you want is to invest in a fix and flip home that takes six months or longer to sell. Having this information will help you determine whether to buy a home for flipping or look elsewhere.
• How much is owed on past-due property taxes? You will want to search tax records through the county clerk’s office to see how much is owed. You will need to pay off the past-due taxes at closing or risk the county clerk auctioning the house.
• How much work does the property require to make it attractive to potential buyers? If the home needs major renovations to bring it up to code, and the cost of the renovations plus the current purchase price and past-due property taxes would be more than the average market prices, then you are not making a good investment. On the other hand, if your total investment costs are well below average market prices, then buying the home is a great investment.

As long as you follow these concepts, buying homes for sale for house flipping can become a great way to grow your money. 

What is house flipping?

Most people are only familiar with traditional real estate investments where they buy and rent the property out. House flipping involves purchasing an abandoned home, foreclosed home, or undervalued home. 

After closing, you renovate the home to increase its value. Once the renovations are completed, you sell the house for a higher price. The entire process usually takes a few months, depending on the renovations needed.

Unlike conventional financing, house flippers can secure short-term financing with little to no down payment required. As such, this allows them to have the cash flows necessary to complete the renovations. 

Many investors have lines of credit or credit cards they use for the renovations instead. Once they sell the home, they pay off the line of credit or credit cards. 

Unlike rental properties, once the house sells, your obligations are done. You are free to look for another distressed property to buy and flip. As you invest in more and more homes to flip, you can ultimately achieve financial freedom. 

Unlimited earning potential and the opportunity to achieve a high return on your investment is what makes house flipping so attractive. 

What are some pros and cons of house flipping?

Whether you’re a buyer or a seller, there are many factors to consider in regards to house flipping. Think about both the benefits and drawbacks involved in the process, keeping in mind that working with 800CashToday will make it easier for you to overcome these obstacles.

Pros

• Highly rewarding experience
• Enhances your DIY skills
• Gives older homes an update into something more valuable
• The ability to earn high returns
• The potential to invest in multiple homes simultaneously
• Not needing a real estate agent

Cons

• Cash flow problems if you do not manage your budget correctly
• Requires you to be actively involved throughout the process
• Needing to keep accurate records for tax filing purposes

How to get the best price for distressed properties? 

Finding the right property in the right neighborhood at the right price can be somewhat challenging for new house flippers. Using the key concepts above, the best-priced house flips can be any of the following properties:

Pre-Foreclosure Homes 

Pre-foreclosure homes are where the owner or lender attempts to sell the house quickly before entering foreclosure proceedings. The sales prices are often for whatever is owed on the mortgage plus a little more to encourage the seller to sell.

Foreclosed Homes 

With the global pandemic and high unemployment rates normalizing, finance companies are once again foreclosing on homes when property owners and landlords can’t make their mortgage payments. While it is sad that someone lost their home, you can secure a great price on the property - sometimes for not too much more than what was originally owed.

Property Auctions 

Another way to find low prices on distressed properties is at property auctions. Some auctions are held after foreclosure proceedings when the lenders have not attracted a buyer. Other auctions are part of an estate sale when someone has died and the family no longer wants the home. 

Remember to set your maximum bid amount before attending the auction, just in case you get into a bidding war. You don’t want to overbid and not turn a profit you need to have when you flip the home. 

For Sale By Owner Homes 

For sale by owner (FSBO) homes are becoming more popular these days, largely to the ease of listing one’s home without having to hire a real estate agent. Thanks to services like 800CashToday, many FSBO owners who are having trouble selling their home can get a cash offer from a local cash buyer for their property for sale. 

Unlike conventional house selling, property owners do not have to make repairs or renovations. They do not need to stage the home or worry about viewings and open houses. Instead, we generate motivated seller leads and connect them to a local real estate investor.

Interested investors make offers on the home. The property owner chooses the best offer and the buying - selling cycle is complete. Closings can be flexible and can occur within a week or later, on a convenient date for the seller. 

Reasons to Use 800CashToday for House Flipping

Some of the great reasons to use 800CashToday for house flipping in any county nationwide include:

• Get Quality Leads
• Fair Pricing As You Bid On The Cost of Each Lead
• Zero Contracts
• No Real Estate Agents Required
• Highly Motivated Sellers
• Quick Closings with 7-Day Escrow
• Find Great Investment Opportunities

Additionally, 800CashToday can help you buy an abandoned property, pre-foreclosure homes, foreclosed homes, property auctions, and for sale by owner homes quickly and easily with motivated seller leads being delivered to your inbox in real time. 

How Do I Get Started Finding Homes for Sale at 800CashToday?

The first thing you need to do is register with 800CashToday as a real estate investor. Once you complete your profile, you choose the counties you want to buy properties in, set your bid amount, receive leads and refer friends for credits all in one convenient place. 

When you receive property details of a home for sale from a motivated seller and you want to buy it, simply contact the seller and set up a time to walk the property. Then after you make an offer, the seller reviews it. If they like your offer, they can accept it. If they do not like your offer, they can decline it, at which point you can make a counter or pass on the opportunity if the profit is not there. 

We help facilitate closing on the home quickly and easily using our preferred lenders, moving companies, credit repair services, etc. In most cases, if the seller wants to close as soon as possible, you can arrange for a closing within a week. 

Why Use 800CashToday for Foreclosed Properties

Buying a foreclosed home is competitive and requires conducting a lot of research and takes a lot of time and effort. However, by using 800CashToday, we have already taken care of both online and offline marketing to drive homeowners your way. They’re motivated to sell and looking for a hassle-free sale, so the ball is in your court to make a deal. 

Selling Your House to be Flipped With 800CashToday

If you’re interested in selling your house fast, it makes sense to sell it as a fix and flip home. This option means that you won’t have to deal with real estate agents or worry about getting your property ready to show. Selling your house to be flipped is one of the quickest ways to get a fair cash offer for your home. 

Along with these benefits, there are extra advantages to selling through 800CashToday. Sellers receive free credit repair, help with moving fees, cash advances, and more. 

As you can see, using 800CashToday to buy or sell fix and flip homes helps you get the best prices on distressed properties. For further information, or to register to start bidding on homes nationwide, sign up online today! You may also call us at 1-800-CASH-TODAY if you have additional questions.