There are many ways to find homes to flip in Princeton, New Jersey. However, each way has its pros and cons. You have to consider the cost, time involved, and the lead quality that it generates in order to determine the best one for you. Here are 3 ways to find homes to flip in Princeton, New Jersey that take all three into account.
1. Driving for Dollars
A good way to find potential investment deals in Princeton, NJ is to literally get in your car and drive around neighborhoods. Many newer investors may enjoy this as it gives them a chance to get a feel for the different areas, and provides a first-hand look at potential home flips. While driving around, you will want to find homes that look abandoned. Look for signs such as piled up newspapers/mail, grass that is not cut, and homes that look like they are in major disrepair. When you find one that fits the bill, write down the address so you can do the appropriate research when you’re back in the office. Your time and gas money are the expenses to consider when taking this approach.
2. Target a Neighborhood for Monthly Mailings
If you don’t have the time to drive for dollars, but are willing to invest some money in marketing, mailing may be the right option for you. One way to take advantage of mail is to target a large area and send out a letter that states you are a home buyer who can buy any property no matter what kind of condition it is in. You may want to select an area that has at least a 7% turnover rate, and features at least 500 residences. Anything smaller and you may not get enough responses. An advantage to targeting an area is that you will come to know the values and details better than investors who do not specialize in that location. You will have a better eye for deals, and will know right away what you can buy and sell a property for. This will allow you to produce better home purchase offers, and be an expert in your repair and resale calculations. In addition, this option is scalable. Meaning, once you have a system for one area, you can expand to others.
3. County Probate Leads
The third way to find a home to flip in Princeton, New Jersey is to go to the Mercer County Surrogates Office and obtain a list of estates that have recently gone into probate. This information is available to the public, free of charge. Just set time aside during a weekday to take a trip and do the research. With a probate lead, the owner of the home has passed away, and the executor of the estate is now responsible for the home. In many situations the executor lives out of state, and the house may be in disrepair. By offering to buy the home for cash and in “as-is” condition, it creates an easy solution for many executors. When contacting these people, it is usually best to send a letter, and to be sensitive to their situation involving the death of their family member.
That sums up the 3 ways to find homes to flip in Princeton, New Jersey. Think about each option and decide which one might be best for your current situation. For more questions or advice on investing in real estate in Princeton, New Jersey, contact Christopher Avallon, Broker/Owner of Avallon Real Estate Group.