There are literally hundreds of areas that I would buy in and around Birmingham.
I like to tell people; I will buy in what I call "retail" neighborhoods.
That is where the majority of homes sold are to the retail buyer. Not a rental area, in other words.
So many people get hung up on the "hot" areas and think that is the best place to flip. It can be, but many times I've found it to get too competitive, and it is actually harder!
The other factor that will determine the area is what funds you have available to you.
You may know an incredible area near you where the homes will sell for $300,000 when renovated, but you are only approved for $150,000. That's not gonna work.
I tell new investors I think it is wise to stay at the lower end of the housing market, especially for your first few flips. That price point will vary depending on where you live.
In my area, I love the homes selling...
So, let’s talk about searching for your first flip. There are so many things to think about – what do I even need to be looking for? What non-physical things do I need to consider? Who do I talk to? I feel like we’re about to begin skipping down the Yellow Brick Road!
A few things to consider when you begin looking for a property: