Finding homes to flip in a sellers market - North Dallas

[George Searcy]

Hello,

My dad and I are looking to start flipping homes in North Dallas (Plano, Murphy, Wylie, Sachse). Currently it's a sellers market, and houses sell quickly for too much to be able to repair and sell at the ARV. We've visited a number of what we've kindly called failed flips, where it was obvious the investor spent to much on the house, couldn't afford to fix up the house to look good (didn't get rid of the cat pee smell, no pads under carpets, etc) and are now asking for $20K over market value. We would very much like to avoid this.

We've looked into a number of strategies for finding houses. (real-estate agents, HUD homes, REOs, short sells, etc.) but it comes down to the asking price is too much, or it's under contract and the price is being pushed up. Any suggestions would be greatly appreciated, since we would like to get a home before the first of November.

Thanks in advance,

Ron

[Account Closed]

I am from Collin County. Good luck on finding a good deal in this area. They last a few hours on the MLS. They almost always close at higher than listed prices.

I would suggest going farther out than the cities you listed.

Forget HUD homes in Collin County. There are plenty of people here who will claim to be owner occupants. You will not get many good deals there as an investor.

Since you are new and not high volume you might have to pay extra for a real estate agent to help you.  Yes... I mean pay more than the standard commission split which will add costs right up front.  It is simple.  Good real estate agents with investor clients have a list of people they call when they find a deal.  If everyone is paying the same commission they will call the people that will close the fastest.  In Collin County, there are dozens of investors that can close a deal within 48 hours at basically any price point.

I would also forget the court house steps in Collin County.  Instead, you can look at houses that are listed to be sold at the court house steps and try to close a deal on them before the auction.  If you need more information about how to research the homes listed for auction in Collin County just private message me.