Finding the right property for a fix and flip is often times the most difficult part of the process. Often times, the most successful flips are done in, or nearby, larger cities, as there is a high demand for homes. However, this also means there are a lot to choose from. Many large areas are broken into different segments, districts, etc. It can be overwhelming to search through all of these areas to find the right home. Instead, pick one specific area or neighborhood of a city where you want to do the flip. By narrowing your focus early, you will avoid sifting through thousands of homes that you know are not viable for a flip.
Always check neighborhood statistics and demographics when searching for a home to flip. If you find an older neighborhood, the odds are higher of finding the perfect home for a flip. The most important thing to look for in an area is the amenities. Are there parks around the home? How are the schools? How close is it to the nearest hospital? Often times, people do not think about these aspects of a neighborhood when doing a flip, since they are not living in the home. However, access to parks, schools, and hospitals can cause property value to soar. Although you will not be living there, someone else will be eventually, so it is important to be on the lookout for neighborhood amenities.
Picking a home to flip can be the most stressful part of completing a project. As is the case with almost every aspect of a flip, planning out your every move is key. Do not just search randomly throughout cities looking for the perfect home; all that will do is waste time and energy. Narrow your focus to specific neighborhoods, and study those neighborhoods to see if they might be ideal for a flip. Time is everything, and the more time you waste on homes that are not in the right market, the less likely your flip will succeed.