So you want to flip a house?
Why wouldn’t you… you’ve seen the tv shows , know someone, or heard of someone who does it and is making some serious cash when they sell it on the back end.
But like most things… it’s harder than it looks.
And the thing that most people don’t tell you is…. the actual hardest part…is finding a deal worth flipping.
So today you are going to learn just that…how to find a deal.
We’ve got an infographic version of this post as well as a text version. You can download a PDF version of the infographic here.
And keep scrolling down to get to the text version.
Let’s start with the infographic… (Click the image to enlarge or download the PDF version)
How do you find your first flip?
Let’s break it down into 3 simple steps:
Step 1: Figure out who to target and approach about buying there house (prospects)
Step 2: Pick how you want to get in contact with them (how to contact)
Step 3: Know how to convert them (what to do next)
This breakdown is as simple as it gets.
Now let’s dive into each step in more detail.
Step 1 Who Are Your Prospects?
What you want to do is target homeowners who have a life event going on where they will welcome your help with open arms.
These are known as motivated sellers.
They may be in a tight spot where they need fast cash, or need help with getting out of a tough situation that you will help them get out of.
Remember you are NOT taking advantage of anyone. You are only doing deals with people who want your help…. you make them an offer and they decide to take it or not.
These are the main types of motivated sellers:
- Notice of Trustee Sale
- Notice of Default
- Physical Distress
- Tax Liens
- Expired Listings
- For Sale By Owner
- Absentee Owner
These are only a few of the many different types of motivated sellers you can find…just pick 1 and dive in.
Each has there own pro’s and con’s but you won’t know what you like until you get started.
Step 2 How Do You Get In Contact With Them?
Now that you have picked your motivated seller list, it is time to decide how to contact them.
Here are a list of some ways you can reach out:
- Personal note
- Door Knock
- Note Of Door
- Cold Call
- Sphere of influence
The real trick to getting in contact with them is trying multiple ways and then continue following up until you get an answer.
You may send a mailer, leave a note on the door, send another mailer and then call the person before you finally get a hold of them.
Once you get a hold of them it is time to convert them…
Step 3 What To Do Next?
Converting a motivated seller into a house purchase is the part most people get hung up on.
Figure out what the seller needs (by asking questions) , make an offer, and then negotiate. It doesn’t have to take long.
You can run through how to do this in more detail RIGHT HERE
Did you find that useful?
If you still want more information and want to dive deeper into this Real Estate investing world start by CLICKING HERE
Get started right now and good luck out there!
Have a question ?
Ask us and 3576 other members on the BTG facebook page HERE!
Would you like to learn more on these concepts? Become a BTG VIP ACCESS member.
Not a BTG member? Learn more HERE