Identifying potential flipping deals

[Satish Mekerira]

When I screen a site like Zillow to identify opportunities for flipping I filter the location, max selling price etc. However I spend a lot of time clicking on the details of a property to compare the list price with the assessed value, the Zillow estimate (Market value) and the surrounding homes assessed values.

Is there a quicker way to do this? If I had an excel file to sort through the parameters like City, selling price etc. and could sort by % difference between list price and assessed value, that would be useful.

Thanks

[Thomas Franklin]

@Satish Mekerira Since you are interested in fix and flips, I propose the following action plan. It is not the Fast Food Plan you want, but it is strategically methodical and highly accurate. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.

1. How many investors do you currently work with and how many investors have you worked with, in the past?

2. How many transactions have you closed, with investors?

3. Do you currently own any Investment Properties? If so, what type do you own?

4. Are you a member of any REIAs?

The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days. Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality, and a breakdown of the number of SFRs. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. This will identify the retail price ranges, in which you can list the rehabbed property and the price ranges, of distressed homes, you should target.

You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.