Using a fix-and-flip loan to renovate and resell a property can be a smart investment. These loans allow you to finance big repairs on a home, bring damaged properties back to life, and support your local economy. But how do you find properties to flip in the first place? Keep reading for our top suggestions.
Consider Auctions and REO Listings
If you are looking into foreclosed homes, bank auctions are one of the most common places to find properties. These homes are sold at a steep discount so the bank can minimize losses. While there are downsides to purchasing a house at auction (such as inheriting the property liens), auctions can still be beneficial. Real Estate Owned listings (or REO listings) are another option if you are interested in purchasing a foreclosed property that didn’t sell at auction.
Use the Multiple Listings Service
The Multiple Listings Service (or MLS) is a great way to look at a variety of properties in your area. This site compiles listings from a variety of sources so you can see them all in one place. It’s also a great tool for market research because you can easily see the different types of properties (and their values) in your area.
Red Door Funding Can Help
Red Door Funding has a sister company that can help you find a wholesale property to purchase for investment purposes. We work closely with a variety of local wholesalers and would love to help you find a great property. For more information, call us at 832-539-1099.