Scoring a perfect property to renovate and flip is essential to establishing a successful real estate business in this day and age, and securing a margin that would be perfect for a wide variety of purposes and applications. Now, there are a number of ways in which you can get your hands on some of the best properties there are, and for newcomers into this segment, online listing services and sites can turn out to be a lifesaver in more ways than one.
If you are familiar with the manner in which this industry operates, you would be able to understand that there are specific categories of properties that can turn out to be more profitable than the others out there, and by considering picking them up, you might be able to secure a decent margin on the sale. Something like a probate sale falls within this exact category, and thus, you would be able to strike it big by opting for these over the regular ones out there.
Here, we will be taking a look at some of the top real estate categories that you must consider if you want to get in on all the flipping action that is taking place as we speak. So, let’s get started.
Distress Sale Property.
If you are looking to secure a top deal on a property to renovate and flip, you must go for something like a distressed property. In most cases, the owners of these properties are undergoing certain forms of upheavals, and in many cases, they would be ready to sell their property for a price that’s lesser than the overall market value.
As a real estate investor, this is one of the best forms of property that you must consider going for. For starters, these houses and commercial establishments are in decent shape, and this would mean that you might end up saving a significant amount on renovation, and this is something that would help you increase the overall margin and reduce turnaround times.
Inheritances.
When someone passes away, the assets that they possess would be handed to the next generations, and the same is true when it comes to houses and real estate properties as well.
It has been witnessed that they may end up selling the house or estate once they receive it, and this is a phenomenon that is driven by a plethora of factors. Here, you just need to realise that these individuals fall into the category of motivated sellers in one form or the other. You might consider tapping them up to secure a great deal on the overall price of the property, and since they would be prioritizing convenience over costs, you would be able to score a good deal, one that would certainly yield a decent amount of return within a reasonable period of time.
Probate Sale.
Yes, we are aware of the fact that we discussed the prospect of an inheritance real estate lead in the previous section, but when the previous owner passes away without leaving behind a specific will or inheritor, the entire estate starts to be classified as probate sale property, and by picking up something like this, you would be able to secure a decent deal from the various stakeholders, and since they would be in a decent shape, you wouldn’t need to spend a ton on renovating the property.
Yes, it is true that you must keep an eye out for the neighbourhood in which the property is located and whether there are any Lis pendens notices pending on the property. These factors can help you get top-dollar for your house, so this is something that you might want to consider.
Divorces.
It is true that divorces aren’t something that people like to hear about, but as real estate investors, this is something that might turn out to be wildly beneficial for you. Since the properties are often attached as a part of the settlement, you might be able to get a good deal of these properties, and since they have been resided in quite recently, you won’t have to invest a lot on bringing the place up to scratch.
By consulting divorce attorneys or tracking online listing sites, you would be able to get a strong grip on the market for such products in a real-life establishment, and that would help you make choices that would affect your business margins in a significant manner.
The aforementioned conditions are some of the best ones out there if you want to score a big one while flipping houses for a profit, and something like a distress sale property can yield massive returns if dealt with properly.
Final Take:
A distress sale property can prove to be one of the best ways in which you can start off your real estate career. Thanks to the advent of online listing services and platforms, the process of hunting for a house or commercial estate has become that much easier.
