As the Boston flipping market becomes more and more saturated with new flipper and out of town big money. The prices of homes has climbed to near all time high. Finding that great house at a good cost is getting harder and harder. (not imposable just handed). I started thinking about hitting the road to see what if any other market
had anything to offer in the way of cheep property with a good return. How do you go about hitting the road. where do you go ? How do you find houses? How do you find a agent? How do I find good Help? How much should I spend on a house. So many things to think about is it worth my time?
Thats why they say do what you know….. Well if you don’t try you what get. So off I went.
Where to go?
First thing I did was spend some time on-line researching where the best city’s in the US to live are. I figure if people like to live there maybe the property sell fast. There are many sites out there where you can find the information about best places to live, Take some time to do lots of research. To be considered one of the top towns or cities in America you have to meet certain criteria . How much crime? Average income? Average house cost? Number of people and so on. Very useful information if used it in the right way.
Now you have yourself a nice list of good save city’s. What next? You can also look at best places to flip houses in the US. This is a list of the top 150 please to flip in the US. list.
This list consists of the top 150 markets in the states and can tell you which market is hot or cold. The criteria to make this this consist of. Cost of houses. Cost to fix. Return on investment or ROI as the pros say. All that info is put into as supercomputer and out comes our list.
Great. Now we two lists with lost of city”s on it. Almost back to where we started….right.
The next thing I did was ask my friends about the city on the list to see if they have been to any of them and what did they think. Maybe you have friend that live in some of them. you never know. Probably not the best information you can get, but the more info the better off you are.
As it turns out one of my old customers is from one of the cities on the list and that definitely helped me pick that city. The last part of deciding where to go is, what are you looking for. How big of a project do you think you can do. How much money do you have? Whats is your time line? Can you actually pull off an out of town flip. If you have the answer to all the Question you are nearly ready to pick your city’s. But first you have to answer this question.
Whats the big plan.
I had to sit and think a lot about what what's my big plan. Am I looking to flip one house make a little money and be done or am I looking to Flip for several houses in the same city. My big picture plan was to flip many houses in the same city and start to build relationship with contractors, plumbers and electricians that can help me with all my projects that are going to come up. Eventually I am hoping to just buy the houses subcontract the whole job out and come back in a few weeks to sell it and to potential buy more. That's my big picture plan. yours could be completely different.
OK so now I have my list of cities and I've taking care of my big picture plan. what's next.
I have to think about some criteria for picking cities and doing these projects of my own. I did not want the flight to be too long.I really didn't want to go to the West Coast to far. I'd like to go somewhere where the labor for subcontracting out is cheap. That will help with my bottom line.
I also have to pick somewhere with mild winters that way I can flip houses or year long. And loss but most importantly somewhere where it's not completely flipped out, as in too many flippers. Here is my list.
Charlotte North Carolina
Charleston South Carolina
West Palm Beach, Tampa, Fort Lauderdale Florida
Asbury Park New Jersey
Providence Rhode Island
Dallas-Fort Worth Texas
If you don’t try you won't get. So off I went.
Flipping houses on the road in other cities is hard work. You have to be ready to spend lots of time away from home. You're going to have to look at a lot of frogs before you find a prince. Many many hours driving around looking at houses that probably should be torn down. That is not fun. Then once you finally to find the house that you are ready flip you cannot just handover the keys to a contractor and expect them to do the job. You have to be around maintaining the relationship ensuring the quality of work. Once you get a few flips under your belt you can be less hands-on. Take your time picking a property ,don’t just buy because they're a lot cheaper than where you live, get to know the market first. Good Luck see you on the Flipping Road.