When sourcing a real estate investment property, there are many qualities that you can consider for it, like size, location, style, or other property details. Ultimately, the goal is to find the best opportunity for a return. However, finding what works and doesn’t work for you and your business could take some time. 

In this Flip Tips: Advice Straight From the Experts, get useful insights and recommendations from those who have already done the legwork. Follow their lead to help you move forward in your own real estate investing business. 

Question: 

Flip Tips: What type of things do you consider when sourcing properties to add to your portfolio?

“#1. Can I make money? #2. Can I make money? #3. Can I make money?”
-Luke Weber, Nevada, 500+ flips completed, 18 years in the industry
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Location, enough comparables, enough equity, and not functionally obsolete. Deal breakers would be houses on or backing up to a busy street, next to a commercial establishment, any house less than 1,000 square feet, and any house with less than 3 bedrooms.”
-Albert Nyabwa, Texas, 35 flips completed, 4 years in the industry

“Not on a busy street, foundation issues, and near transformers are my musts.”
-Jimmy Tang, Washington, 50 flips completed, 7 years in the industry
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“Good bones—no structural issues. I can fix most everything else.”
-Daniel Carr, flips in Georgia, Alabama, and Florida, over 200 flips completed, 19 years in the industry

“Price, condition, and after-repair value.”
-John Galarde, North Carolina, 30 years in the industry
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“Price, length of time to do the repairs, and location.”
-Mandy Clark, Nevada, 27 flips completed, 3 years in the industry

“Deal breakers are roof replacement, foundation issue, or burned down houses. It just presents more risks.”
Kevin Lee, California, 28 flips completed, 1.5 years in the industry
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“1. Exit strategy 2. How much I’ll have to pay. This determines exit strategy if it’s a deal. 3. Location.”
-Steve Stimson, Texas, 60 flips completed, 4 years in the industry

“Don’t overpay for initial purchase, don’t overpay for initial purchase, don’t overpay for initial purchase!”
-Rainer Richter, Florida, 80 flips completed, 5 years in the industry

Among the top things to consider when buying a house for investing, these expert investors consider location, structure, and overall potential of cost compared to the return. Whatever you find to be a priority—these specifics work for some of the best in the business and maybe they’ll work for you too!

Come back next month for a new edition of Flip Tips and visit our other series topics like real estate niches and strategies on getting contractors to finish a job.

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Disclaimer: The above is provided for informational purposes only and should not be considered tax, savings, financial, or legal advice.. All views and opinions expressed in this post belong to the individuals referenced. NMLS ID: 1125207 Terms, Privacy & Disclosures. Copyright LendingHome Corporation 2020.