When you decide to start flipping properties (or have been doing so for years), you must be aware of the facts. You must choose the correct houses to flip, or you may have difficulty finding a buyer when the time comes.
If you want to acquire a house, fix it, and sell it for a profit, selecting the ideal project is the first step.
So how do you find the right project? Here are a few things to consider when selecting a house for your next flip in Texas.
Understand Your Market’s Trends
The Texas real estate market is currently undergoing significant price and appreciation changes. Many locations are witnessing increased value and volume, but not all of them. Even in your city, you’re likely to find that some communities outperform others. The first step in identifying a potential fix and flip opportunity is determining which market segments have the best prospects.Check All of Your Sources for Properties
Each real estate “expert” will have their source for locating potential properties for their next fix and flip project. Some would advise contacting REO departments at local and national financial institutions. Others would advise you to keep a watch on classified ad sites such as Craigslist. Some will then advise you to place “bandit signs” on street corners throughout your neighborhood. However, don’t limit yourself to a single source for finding properties for your next fix and flip; instead, use them all. Other locations to look at are:- HUD-owned properties
- Trustee auctions
- Local MLS listings