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Updated 25 days ago, 10/28/2024
Buy, Fix and Flip REO Properties
I'm looking seriously at expanding my REI business include buying, fixing and flipping REO properties!
Any words of wisdom would be appreciated!
Buying, fixing, and flipping REO properties is a solid strategy, but success lies in preparation. Conduct thorough due diligence since REOs are often sold as-is with potential issues. Quick closings appeal to banks, so cash offers, or fast financing are key. Accurately budget for repairs with a buffer for surprises, aiming for a 10-20% ROI. Finally, focus on high-demand neighborhoods and have a backup plan, like renting if the flip doesn't sell immediately.
Let me know if you need financing guidance or further tips.
Best,
Drago
- Drago Stanimirovic
- [email protected]
- 305-439-5911
#2 Rehabbing & House Flipping Contributor
- Residential Real Estate Agent
- Irvine, CA
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#2 Rehabbing & House Flipping Contributor
- Residential Real Estate Agent
- Irvine, CA
Quote from @Robert Burns:
I'm looking seriously at expanding my REI business include buying, fixing and flipping REO properties!
Any words of wisdom would be appreciated!
Yes, I would say pre-foreclosures are the best for sure.. To look at and the foreclosure properties to search are good not that great though since everyone is looking at them and also banks try to sell them for market value
- Peter Mckernan
