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2 Zoom in on a dontwanner — a distressed property that the owner obviously doesn’t want or can’t afford to keep.A distressed house usually has a distressed owner. See ssss1, ssss1, and ssss1 for various ways to find distressed properties. (Landscape maintenance is typically a good, early indication of a distressed property.)
3 Research the property carefully and then calculate the most you can pay for it and still earn a decent profit.You should be fairly certain that you’ll earn at least 20 percent for your trouble. See ssss1 for more about researching and evaluating properties and calculating a maximum purchase price.
4 Haggle with the seller to purchase the house at a price that virtually ensures you’ll profit from the flip, as I explain in ssss1.In some cases, you won’t haggle with sellers but bid at an auction instead; see ssss1 and ssss1 for details on finding and buying properties in foreclosure and other special markets.
Rehabbing Your Fixer-Upper
Buying a house to flip is like buying a beat-up antique at a garage sale: You got the house for a bargain because it needs work that the seller hasn’t the time, money, or desire to take on. By cleaning up the joint, fixing whatever is broken, and making a few renovations, you can bring the property up to market standards and sell it for its full market value. In the following sections, I walk you through the types of repairs and renovations you can make.