- August 9, 2018 at 3:58 pm #231575
Hello Alison, I found your article and though it was very helpful. I am thinking of getting into the flipping business but need some guidance. I am finding some properties in auction.com but am not very clear from the listings if the tile is clear, no liens involved and the condition of the property is not clear. How do I see those properties? Usually the only information there is the auction date and time. Is there a way to see these houses before bidding?
Basically I need to learn about it. What is the best way to find out? Are there groups or people that can help?
I live in the NJ area.
ShellyAugust 9, 2018 at 4:08 pm #231622
Hi Shelly. Thank you, I’m so glad you liked the article. I believe that once you set up an account on auctions.com you can see some of the due diligence documents on the properties you’re interested in. SOme properties you can get access to for an interior inspection in the section called gain interior access on select properties and others are occupied and don’t allow property inspections. Some of the properties have a title report in their documents section and others you would need to contact a title company to do a full title search so you can find out what liens/violations/back taxes etc. are on the house. I would recommend only purchasing properties you can inspect first, especially because you’re new to flipping houses. I would bring a contractor to the property inspection so you can get an estimate of repairs and then work with a real estate agent to show you how much comparable properties are selling for so you can determine your ARV. You could also look at pre-foreclosure leads as another way to potentially find some good deals. I think your idea of joining a local real estate investment group is a good idea so you can meet other investors, lenders, inspectors, title agents, etc. Hope this helps.
Best of luck,