Reidmike23, Home Buyer in Tampa, FL

How can i find a house for sale that i would like to flip?

Asked by Reidmike23, Tampa, FL Sat May 5, 2012

Help the community by answering this question:

Answers

12
Alma Kee’s answer
Go to the courthouse and buy at the foreclosure auction or go online for Pinellas auctions. You must pay All Cash within hours so if you do not have the cash you will have to line up with all of the other
0 votes Thank Flag Link Sat May 5, 2012
Partner with a title company that will do a preliminary title search and buy at the auction only when you know what the other liens on the property are.
1 vote Thank Flag Link Tue Jul 24, 2012
Hi Reidmike23,

The best way to find the best invesments/flips are deals you find that are not on the market. It takes work, but networking your way around town abolutely helps you connect and find those special deals.

Thanks
0 votes Thank Flag Link Wed May 21, 2014
I see answers from some agents that talk about the foreclosure auction. Please allow me to explain how these auctions work.

Start with a first mortgage.

A lender gets a judgment of foreclosure on a property which includes an amount on the judgment of the banks entitled moneys. Also in the judgment is the date the sheriff will sell the house at auction on the court house steps.

There are two parties named in the judgment, the Plaintiff(s) and the Defendant(s).

When the day of the Auction comes the clerk, who represents the sheriff, calls the case number, not the address. The clerk will ask if the Plaintiff's representative is there. If the Plaintiff's representative fails to appear the auction is canceled and rescheduled. If the representative is present the auction begins.

The clerk asks what the bid is for the property and the Plaintiff's rep says $100. Then someone in the audience thinks "Heck, I can beat that" and bids $500. At this point the Plaintiff's rep bids $285,964.81 which just happens to be the amount that was on the judgment.

On 1st mortgages the bank wins

Mow look at the 2nd mortgages

All the legal stuff was the same and the Plaintiff's rep is there and does the same thing BUT a 2nd mortgage is way less than the property is worth so some unsuspecting soul has check the value of the property and sees what the judgment is for. Looks like a great deal

After the Plaintiff's rep bids what the judgment is the poor unsuspecting sour out bids and wins! Woo Hoo! NOT SO FAST!

This was a 2nd mortgage and there is still a 1st mortgage out there that might actually be current and is superior to the 2nd. All the poor unsuspecting soul has done is remove a debt for the person that still lives in the house and will for a long time to come. I have seen it happen
0 votes Thank Flag Link Wed May 21, 2014
Look for areas that sell well and find out what that average sale price is. Then you need to figure what price you would have to purchase another home for in that area along with the costs for repair and settlement costs. That will give you a basic idea of what will be a good deal to purchase.

Ultimately, I would consult a local realtor who specializes in these types of transactions who can help advise you about what areas sell the best.
0 votes Thank Flag Link Wed May 21, 2014
Speak with a few realtors, see who can find you what you're looking for.
0 votes Thank Flag Link Sat Apr 12, 2014
Connect with a realtor experienced in working with buyers that flip homes. The realtor can help you find the right property that will accomplish your goal.
0 votes Thank Flag Link Sat Apr 12, 2014
There are lots of great homes for sale that could make great flips in Twin Falls, Idaho ;)
0 votes Thank Flag Link Thu Apr 10, 2014
I liked working with a realtor as a newbie, whether they're friendly to investors or not. Getting into brokerages and telling everyone what you're looking for (through your realtor) has benefits. My first deal came as a result of one realtor asking mine about a listing he was preparing; we looked at the house and put a cash offer in that afternoon, making over $40K on the deal after rehab. Yes, it costs more, but your first flips usually do.

Visit REIAS. Network through places like bigger pockets.com, here and Ron LeGrande's website. Get on LinkedIn and network with other investors. Your first deal is most likely under your nose.

Whatever you do, don't go it alone. There are some great folks out here who want their fellow investors to succeed. All the best!
0 votes Thank Flag Link Wed Apr 9, 2014
If you are looking for a nice flip i currently have a great one. If you call me at 813 892 4470 and provide me your email address i will show you an excellent opportunity
0 votes Thank Flag Link Sun Nov 3, 2013
Be careful! I've helped investors in Portland successfully flip dozens of homes and I can tell you its dangerous business. Try to find a local agent with experience in doing this. Some investors buy at auction, others simply buy off the local MLS listings.
0 votes Thank Flag Link Tue May 15, 2012
I would also check bank web sites for available foreclosed properties
0 votes Thank Flag Link Tue May 15, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer