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Flipping Houses For Fun and Profit

Flipping HousesWhile many savvy people have made fabulous profits on the mistakes of irresponsible homeowners through house flipping, it’s difficult to get started in the lucrative game of flipping houses if you don’t know where to find foreclosed homes.

The heart of flipping houses is buying foreclosed homes. These can be had for very low prices, because the poor sod who got in over his head and couldn’t adapt to the fact that his job had gone to China is usually very motivated to sell – and may even be forced to sell at a price that is below what he owes on it.

That’s his problem – but your opportunity to become fabulously wealthy through house flipping!

Here then are some places to find foreclosed homes when flipping houses.

Get To Know Some Realtors

The smart real estate agents today are those who specialize in foreclosure listings. Track these individuals down and get to know them; they can be among your best friends and very effective partners when it comes to flipping houses.

One way to locate those individuals is to visit some neighborhoods where there are homes for sale. Study the signs and look for keywords such as:

  • foreclosure
  • bank-owned
  • bank repo

Usually, the realtor’s name will be on the sign and contact them at the earliest opportunity.

Visit The Local Branch of a Major Bank

Stop by the branch of one of the large national banking and financial institutions; they now hold a large inventory of foreclosed and distressed properties. Some of the biggies:

  • Bank of America
  • Chase
  • US Bank
  • Wells-Fargo
  • Keystone Asset Management

Of course, some of your local small banks and lenders may have a few of these properties as well; when flipping houses, its always smart to cover all your bases.

Don’t Forget Your Uncle Sam!

There are many house flipping opportunities to be found through any of the following agencies:

  • Housing and Urban Development (HUD)
  • Fannie Mae
  • Internal Revenue Service
  • Small Business Association (SBA)

You may also be able to find house flipping opportunities through local and state agencies as well.

Going Once…Going Twice…

Auctions, whether online or in the “real world” should be your last resource for buying foreclosed homes. The reason is that you’re up against a lot of competition, and prices can get bid up very quickly. Nonetheless, the following resources are at least worth looking at:

  • Real Estate Disposition Corporation
  • JP King
  • ¬†United Country Auction Services
  • Williams and Williams

Some of the Internet auction sites may also yield a deal or two. This brings us to…

The World Wide Web

Here are two Internet sites that for a small fee, can do some of the legwork on your behalf:

  • Foreclosure.com
  • RealtyTrac.com

In the game of flipping houses, it pays to use every resource at your disposal.

Wayne Hemrick writes about– Flipping Houses.


photo taken from abenterprisesonline.com




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