Trying to answer to million dollar question of SFR flips

Buying & Selling Real Estate
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Trying to answer to million dollar question of SFR flips

Jonathan Orr
Developer · Boise ID · Member since 2016 · 287 posts · 110 votes

OK, before I jump in.  I was to preface this with this is purely out of curiosity and research....

I am on the track to nail down the answer of how people find SFR homes to flip in today's current market. Yes I know more than half of you probably laughed at that statement because either you have the secret and refuse to tell anyone, or you don't want to admit it but you want to know as well.

Reason for the question is I was talking with a SFR guy I know and we were trading war stories between his flips and my commercial side deals and I got so frustrated when I asked him how are people finding deals for flips now? Being a real estate nerd like most of us on here, even though I have not been in residential real estate for a while I try to keep my finger on the pulse of what is going on and like to learn as much as the next guy.

So....I have been determined to throw it out into the universe to see where are people finding success to finding those flips that have more than a 5% return.

I have created a survey which is anonymous.  Would greatly appreciate the feedback.  Or you are welcome to comment on this thread.  Like I mentioned, this is for research purposes and out of curiosity.

https://www.surveymonkey.com/r/99L3TGH 

Thank you for the feedback in advance.

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Brian Garrett
Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
8y

The list in my initial response is the way majority of investors find their flips but your market will ultimately determine which will work best for you. All of these methods can be effective it just requires some market research. What's working for Joe Schmoe in Idaho may or may not work for Jonathan in California. Best of luck deal hunting!

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  • Brian Garrett
    Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
    8y

    There are a ton of ways to find SFH flips.

    -Driving for dollars

    -Direct Mail Campaigns

    -Wholesalers

    -Realtors

    -MLS & Online Resources

    -Property Managers

    -Word Of Mouth

    You have to find what works for your particular market.

    0Reply
  • Jonathan Orr
    OP
    Developer · Boise ID · Member since 2016 · 287 posts · 110 votes
    8y
    Originally posted by @Brian Garrett:

    There are a ton of ways to find SFH flips. I'm not sure the question?

     That is the exact point of the question.  With so many avenues out there and so many resources saying one way is better than the next...etc... that is why I am curious.  I am looking for answers from the flipper that is actively doing it.  I am curious on what they find successful and what they don't.  I have read a ton of articles and materials saying one particular way is the gold mine to finding properties but it always is just taking them at their word.  I realize this is a similar thing that anyone who comments can't show proof that what they use is successful or not but I hope that with an anonymous survey people can be honest and give some feedback on their experiences.  Hope that kind of answers your confusion.  Reason why I labeled it the million dollar question.  So many avenues yet from a scientific standpoint there has to be one that is more profitable than the other.  At least to some degree, I know that there are other factors such as what markets they are involved in and price point of homes.  

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  • Brian Garrett
    Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
    8y

    I don't think there "has to be one that is more profitable than the other" by any means.

    I think it all boils down to which strategy works the best for your specific market.

    Trying to force a strategy that works for someone else in your market is the wrong approach.

    Let your market dictate which strategy is best at least that's my perspective on it.

    0Reply
  • Jonathan Orr
    OP
    Developer · Boise ID · Member since 2016 · 287 posts · 110 votes
    8y

    @Brian Garrett I think the difference I am trying to ask is not from the standpoint of what is the best so I can use it. It is a question thrown out to see what works the best for other people. I have no intention of gathering the info then trying to use one particular way. When I was involved in the SFR flip side of the industry I did try all of them and found out that actually the MLS worked best for me, while mailers did not work well. I just want feedback on what they like the best or what they have found that is simply a calorie burner.

    I completely agree that your market will dictate what is successful which is why I believe there is no right or wrong answer.  Just curious on where trends are going I guess.

    Appreciate the feedback!

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  • Brian Garrett
    Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
    8y

    The list in my initial response is the way majority of investors find their flips but your market will ultimately determine which will work best for you. All of these methods can be effective it just requires some market research. What's working for Joe Schmoe in Idaho may or may not work for Jonathan in California. Best of luck deal hunting!

    1Reply
  • Account Closed
    Downers Grove, IL · Member since 2017 · 366 posts · 165 votes
    8y

    Great topic, seems like everything foreclosed in the MLS is way overpriced, in a crappy area, and or full of suckers over bid in.

    1Reply
  • Carson Wilcox
    Davis, CA · Member since 2016 · 595 posts · 344 votes
    8y

    yep... everywhere is different... in Norcal, I am going to be getting MLS deals, and pita wholesalers mainly. People just DONT sit on vacants here and leave them because houses are worth so much. there are NONE of these oh send a letter to a vacant's owners in another state and offer to buy it houses near me.. Just work each angle and find something

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