The real estate market is one that has seen its fair share of disasters, and in the absence of the right set of tools and knowledge, you can make the same mistakes as well. Therefore, it is extremely important to know what you are doing, and the path that you avail of in order to enter the industry.
Now, there’s a multitude of ways in which you can go about doing just that, and one of the most lucrative and convenient ways is to go for flipping properties and houses. This involves buying up properties on the cheap, renovating them to meet industry and desired standards, and selling them for a profit. There are a number of ways in which you can find the right property to flip, and options like absentee owners can prove to be some of the best ones out there.
Here, we will be taking a look at the different forms of properties that you should target if you are looking for a quick flip that would yield a solid return. So, let’s start.
Who are motivated sellers?
If you are someone who’s aspiring to enter the real estate industry, you’d be coming across this term quite frequently, and if you are in the dark regarding the identity of these people, well, we are here to help. A motivated seller is someone who wants to get rid of a property quickly, and that too without having to encounter a lot of hassle. When it comes to the real estate industry, people would aspire to charge the best price possible for their properties, but the situation is quite different when it comes to motivated sellers. They aren’t looking for the best prices, but the easiest way in which the sale can be done.
If you are looking to pick up a house to flip, tapping up a motivated seller would be your best bet. Now, we must point out that this is a collective term, and there are a number of different sellers who may fall under this very category, and some of them are as follows.
- Absentee owners- One of the ways in which you can secure a property to flip is by keeping an eye out for absentee owners. These are people who legally own property, but do not actually reside there. In most cases, they may be placed geographically away from the property, or the house may be owned by a holding company. It has been witnessed that these people are interested in selling off their properties for a variety of reasons, and since they are located away from the property, they would almost always prefer taking a hit on their profits to benefit from a smooth selling process. By keeping an eye out for such absentee owners on platforms that offer such listings, you can boost your final profits immensely.
- Divorce cases- No matter how much we hate seeing a stable marriage break down, this can prove to be a golden opportunity for anyone who’s looking to secure a quick profit. Since a divorce would mean that the property would be divided or sold off, you can secure such a profit on the cheap, and flip it easily for a profit. Now, the best thing about these properties is the fact that they are usually in immaculate condition since they were being used till the very end.
- A probate sale- In several cases, it has been observed that people would die without leaving a proper claimant for their property, and in such a situation, it would be down to legal authority to look after the processes involved. In cases where there are multiple claimants involved, it has been observed that they would sell off the property to settle the claims, and such a property can prove to be a great deal for anyone who’s looking to flip properties for a significant profit. There are listing platforms that keep a track of such deals and sales, and thus, it would be a wise decision to avail of their services.
- Distressed homeowners- With real estate prices going through the roof, it is important for anyone who is looking to flip a property to find the right listing, and distressed homeowners can prove to be one of the best ways in which such a property can be secured. These are people who are facing a certain degree of financial hardship and would let go of their houses for a significant discount. Now, finding these people isn’t easy, and there are a large number of factors that go into locating the right homeowners, but the listing services can make this process a breeze. By availing of their services, you would be able to link up with distressed homeowners better than ever before.
Final take:
Finding the right property to flip can be a daunting process if you are unaware of the locations where you should look for the same. There are several listing services and agencies that would gather such leads for you, be it a probate sale or a divorce, and by working closely with them, you can really turbocharge your real-estate career.
Photo by Thirdman
