Locating flips with great profits is a much different animal than finding rentals. Rentals you can purchase in less desirable areas, find good tenants, good property management and profit. Flips need more than just demand from renters, there must be demand from home buyers. You can find good deals in any market and area, as long as the numbers make sense. If you wish to do a lot of deals, here is a list of characteristics that are common in areas that are abundant with good flips.
- Pride of ownership – you can tell the difference between streets with renters and streets with home owners. Landscape and upkeep on the homes is much better in streets with mostly homeowners. There are better streets to find flips.
- Not too many properties for sale – Few homes for sale in the area signals strong demand. In addition to checking active properties for sale, check the sold comps and pending. Make sure the average time on market is not too long.
- 3+ bedroom 2+ bath – These houses are the most desirable.
- Not too expensive and not too cheap, average area – Although there are good flips in really expensive or really cheap areas, they are not as common. Areas close to average home price usually have the most opportunities for good flips.
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