When I get listings of 100s of properties in the area, how do I determine which ones would make the most profitable flips?
Obviously, ones that are in need if repairs, but I can’t get inspections on 100 properties.
How can I estimate the final sale price after the house is repaired?
Wow, what a problem. My first question is how did you get so many? If a Realtor sent them to you and they are listed on the MLS you can figure that 95-98% are over priced and sellers are looking for full value, can’t blame them, but, that don’t leave any room for profit.
A certain type of Realtor, (One that’s young and hungry, not a jerk off know it all) will search for fixers, motivated sellers, expired listings, pre foreclosures, tax liens, condemned, fire damaged etc. And you can find deals sometimes that way. Again, most of those are overpriced because some deranged Realtor advised them they cud get $60,000 for an $80,000 house even though it’s condemned, needs $40,000 in rehab and violent meth addicts are living in it and geekin. The Realtor wont go inside without his Glock 19. If your offer of $52,500 is accepted you will need to fill out a 47 page contract and put down a $5,000 non refundable earnest deposit and show proof of funds.
I target non listed FSBO’s that are not advertised, with direct mail, bird dogs bandit signs etc.
But how indeed wud you do 100’s of these leads, I have found the best way is, do them one at a time, yea I know, it’s work, but if your fast and focused you cud do 100 in a few days.
How to find after repair value, that’s probably the toughest question you will face. I start with Zillow, then tax records, recent solds, and knowing the area, and still it’s a big guessing game.
If you want an easy solution, maybe get a regular mind numbing job, and you wont have to think much. But imagine this, sleeping in late, waking up and sipping on some folgers, putting on your favorite music, no stress, take a few phone calls and make a few, prepare a gourmet lunch, and work a few more hours, then get ready for your afternoon nap. Maybe work a few more hours in the evening. it sure beats working for a living, don’t it?
You can get creative, get a helper to do all the mundane crap, but that will cost you money, use systems, get organized, Of course all that is easy to say, and these are things I’m working on. Good luck grasshopper.
Rando