Tips to Find Affordable Houses to Flip
Not exactly sure where to begin on your house-flipping venture? Stored Away Self Storage has collected expert tips on how to find houses to flip, including what you should look for in a neighborhood and what you should avoid in a house. Follow our guide below to start searching your area for affordable homes, and then reach out later to assist in organizing your remodel!
How to Find Houses to Fix Up & Flip
Research the Area Well
There are a few things to consider when looking for houses to flip. The first is the needs of your buyers. What type of house are they looking for? Would they prefer to be close to a school or public transportation? What is the cost of living in the area? Then you need to consider how this neighborhood impacts your initial purchase—what you can realistically afford to spend on the house. If you are working with a limited budget, you may want to look for houses that need only minor repairs. Make sure you have a defined pre-renovation budget, and stick to it! By taking these factors into consideration, you can increase your chances of finding a house that will be a successful flip. Search through New Silver Lending’s state-by-state guide to house flipping to begin researching your neighborhoods!
Search Online, But Also Making In-Person Real Estate Connections
We understand the want to start your real estate search online. With online real estate marketplaces like Zillow making the process easy, you can search neighborhoods for houses in your price range and take tours through the pictures. Zillow in particular also provides helpful resources to assist home buyers and sellers of all levels. Check out the Home Sellers Guide and Foreclosure Center for a few examples! But in addition to that online search, we still recommend forming connections with local real estate agents, especially if you can find ones with experience working with house flippers. They know the industry and the neighborhoods, so use them to your advantage and let them help you navigate the house flipping process.
Identify Red Flags During Your Search
We talked about sticking to your budget, and here is a big factor. During your search, you will see affordable houses with tons of needed cosmetic and technical repairs. Before you begin, identify the projects that are out of your wheelhouse—either due to cost or limited skill/experience. We recommend steering clear of these issues if you come across them in a house:
- Too Small of Kitchen/Bathroom Space
- Plumbing Issues
- Electrical Complications
- Water Damage
- Cracks in Foundation
- And More
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Stored Away Self Storage in Sneads Ferry, NC
Stored Away Self Storage wishes you luck as you take on the real estate search! As soon as you find your ideal house to fix up, contact us for nearby self storage space to assist in organizing your renovation projects. Our storage units come in a range of sizes to support any storage need, and our month-by-month leasing can you peace of mind as you stick to your budget and work with changing deadlines. Let Stored Away Self Storage be your storage solution!
Paige Weary
About the Author: Tim is the SEO Manager at Storage Asset Management in York, PA. He is a self-storage industry specialist who has written about everything from storage advice and helpful resources to industry trends. In his free time, Tim enjoys sampling craft beer and exploring the local music scene.