Network, Network, Network

  • Start with your immediate network of family and friends. Let everyone in your life know you are flipping houses, so they will think of you when they come across an opportunity.
  • Sign up with Meetup.com and go to local real estate networking meetings. Here is where you will make some of your best connections. These people are a wealth of knowledge. See how you can help each other out.
  • Reach out to estate and divorce attorneys.

 

Find a few good Real Estate Agents

  • I find 90% of my properties through real estate agents. They have the deals, it’s just a matter of who they are giving them to.
  • Walk into your nearest real estate franchise and introduce yourself. A face-to-face conversation these days is rare and they will remember you. Follow that meeting up with weekly phone calls to see if they have anything new. Sooner or later, they will, and they will give it to you. I once called an agent every week for 8 months before he finally passed a good deal onto me. He is now one of my most valuable resources.
  • Figure out the top producers in the areas you want to flip in, and call them.

 

Write Offers

  • This may sound silly, but often time’s investors will complain to me about not having any deals. One of the first things I ask is “How many offers have you put out in the last month?” Quite often, they will say “none”. How are you going to get deals without putting in offers?
  • In this time of flipping, your offers have to be ALL CASH and quick close. Make offers as clean as possible.
  • I don’t believe in writing offers for more than I can pay and coming back for a reduction, but it is a very popular strategy. I prefer to write lots of offers at where I can afford and have my good agent relentlessly follow up. Most times my low offer is not accepted, but weeks later after the high offer messed them around, there I am, as backup ready to close at my realistic price.

 

If you work these strategies for a few years, eventually, your network will be calling you with deals such as off market deals, short sales deals that the lined up buyer couldn’t perform on and pocket listings. You have to put in the hard work first, it will pay off.

What are your tips for acquiring flips? Leave a comment below to let us know!

MDI West Properties

MDI West Properties is a low-cost capital partner that funds up to 85% of costs for fix and flip investment projects.

Learn more about our Joint Venture Partnership Program today!

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