Evaluate Comparables

Research all houses which are for sale. How long have they been on the market. What is the price history. Are the sellers motivated to sell? Is the property vacant and going down constantly through uncontrolled access or weather? Eventually you will have a shorter list of available properties to consider. Leave only the best ones on the list. What determines if they are the best?

Well, the best candidate for a flip is one which is priced low enough so that repairs plus cost will be significantly less than the selling price. This sounds like common sense. Unfortunately for many flippers, this concept is lost in the heat of the moment. They just want to show off their ability to make a property beautiful rather than make a profit.

Me, I would rather make a profit then develop a reputation for a flipper that does a great job but does not make any money on the transactions.

You may want to make a folder for each property to contain notes. This is a handy way to organize all the photographs, scraps of paper and contact information for owners and real estate sellers.

A reminder. You still have not purchased any of these properties. Resist the urge to jump on any one property without going through the investigation process.