According to the National Association of Realtors Profile on Home Buyers and Sellers (2020), a significant chunk of 51% of buyers claimed they found their dream homes on the internet. On the contrary, only 28% said they took the help of a real estate agent, and an even lesser percentage of only 4% said they found it through a yard sign. If you’re looking for ways to find bargain properties online, you’ve come to the right website.
Here is a list of a few of the most popular websites to find a property:
To find a bargain property, especially with the intent of flipping it, states such as Hawaii, and California should be avoided due to the following reasons:
- limited land available for housing
- high labor costs, and
- presence of an affluent community driving up the costs.
Instead, focus on Georgia, Tennessee, North Carolina, Texas, West Virginia, Mississippi, Arkansas etc.
If you don’t live in these states, you’ll be forced to expand your search radius out of state. Luckily, there are a few online tools that you can use to find cheap properties.
Keeping this in mind, here are 3 ways to find cheap real estate on the internet.
Flipscout offers a plethora of features, especially for house flippers. Think of it as a search engine designed for house flipping.
FlipScout’s following features make it an extremely desirable tool:
- Rehab cost calculation
- Instant view of ROI and rental income
- Averaged-out results from a wide range of sources
- Easily applicable for flips and rentals.
The app focuses on finding bargain properties that are in “pre-foreclosure” status. It gives you a current listing price, an assessed value, a potential ROI, and a profit. Simply create your account, log in, and search for your dream house flip.
You might have heard about Zillow before. However, Zillow’s foreclosure center is a part that is known only by a few. The particular app can search Zillow’s complete database of pre-closures, foreclosure auctions, and bank-owned houses in your area. These properties are usually undervalued and can provide excellent flipping potential.
If you can get an inexpensive yet high-quality renovation done on the house, your gross profit margin can increase significantly when the property is sold once again.
MLS is the king of all property databases present in the US. It was developed by real estate agents, brokers, and realtors to facilitate and catalyze property sales in the US. The main benefit of using MLS is the sheer number of properties listed over there.
With clever search filters and intensive research on the properties in a particular area, MLS can prove to be one of the most powerful tools to find bargain properties online. However, access is only limited to realtors, estate agents, and brokers. Also, with MLS, there is a monthly fee involved as well.
The best way is to find someone, a friend, a relative, or even partner up with a real estate agent with access to MLS and take full advantage of this resource.
With the advent of the internet, most property searches and initial deals are now done online. This presents a challenge as well. With more and more people having access to the internet, the competition is rising. With so many properties available online to be sold, it gets challenging to gauge which property is undervalued and which isn’t.
Therefore, with the tools listed here and local area knowledge, finding bargain properties online should be easy for you.