Flipping a property is an exciting prospect whether it’s your first or your fiftieth. But, some of that excitement blends in with the nervous anticipation associated with not knowing whether you’ve picked the right location.
Before you plow ahead and invest in a property that could sit on the market for months, it’s worth doing your research. If time is of the essence, there are some tools you can use to spot those locales where prospective homeowners want to buy. Even better still, some will send alerts to you ahead of time, allowing you to jump in on opportunities before others have the chance.
Use Local Market Monitor for a real-time analysis
Although major corporations will make predictions ahead of the new financial year, we’re all familiar with how small changes can have a big impact. If you’d rather not wait for an annual release of popular market lists to make your investment, use Local Market Monitor instead.
Local Market Monitor offers a number of predictive tools that’ll give you an advantage when flipping and flipping. Amongst them are:
- Future home price forecasts so you can predict returns on investment
- Portfolio forecast tools that allow you to predict outcomes based on different economic changes
- Investment ratings and scores that determine how wise an investment is
Mashvisor’s rental-market-prediction tool
When you spot the perfect fix and flip property, it’s tempting to grab your capital, rush in, and buy it. But, when you do so without knowing where your investment is going, you may be throwing money at a dud when the perfect building is elsewhere waiting for your attention.
Mashvisor’s rental market prediction tool seriously curtails the amount of time you need to spend researching your prospective property. By cutting out manual research, you enjoy a quicker ROI. You also avoid someone else beating you to the perfect purchase.
The tool allows you to identify excellent prospective investments in cities, states, and neighborhoods. You’ll receive information on rental potential, how quickly you can find a tenant, and even whether you could enjoy a reasonable Air BnB occupancy flow. How niche is that?
Perform a quick analysis of your prospective property with DealCheck
Let’s say you know the neighborhood is a winner. Then, you find out that sellers will line up to buy the house from you. Or, it could prove as a rental goldmine, with dozens of prospective tenants waiting to fill the space between the house’s walls.
All of the above are excellent, but if you need to renovate and tweak the house first, do you still stand to make a profit? The nature of each property is going to differ. While some may require a little attention, others could command extensive work.
Using DealCheck, you can determine whether the cumulative costs will still result in a decent ROI. Often you get your result in seconds, so you can sidestep a property if it doesn’t look like it’s worth your time.
From tools that alert you to good investments to those that predict their worth, there are lots of ways to make fixing and flipping less risky. Use them all together and you should amplify your profits with less research and greater results.
Talk to a professional
If you’d like to run your scenario by a professional, consider asking your mortgage lender or broker. With years of experience and real estate knowledge, your broker can tell your if your prospective deal is a winner or if it stinks. In addition, if you have a great investment opportunity on your hands, a mortgage broker can explore your financing options with you to find the perfect hard or private money lender.