The real estate market is hot right now. This is good for sellers because they can list their home and have it sold within a few days or weeks. That being said, buyers are struggling with all of the competition. Many homes are getting multiple offers due to the current market, making it hard for anyone to buy a house. This is even true for those who are looking to invest in real estate.
However, it doesn’t’ have to be this way. Here are some ways you can beat out others when trying to buy a home to flip.
Be prepared to spend a little more on a house. Because there is so much competition right now, you aren’t going to be able to start with a low-ball offer. You may even end up spending more than asking price to get the house that you want to invest in.
Go for the homes that aren’t in the best shape. Good homes that are priced right are the ones that are selling right away. Some of the other ones that may have some cosmetic problems (or even something a little more serious) are the only ones that are sitting around. For this reason, you may have to buy a house that needs a little bit more work, in order to get a fair price.
Skip home inspections. If you are going to fix a house up to sell, chances are that you have your own home inspector or contractor to help you figure out what you need to do when you buy a house. For this reason, you may be able to skip the house inspections, which may just make your offer more desirable than all of the ones that won’t buy a home without an inspection.
In this market, you are going to have to be prepared to spend a little more money and buy a house that isn’t in as good shape if you want to find one to invest in. You may even have to skip inspections if you are serious about winning the contract.