What is Micro flipping?

What Is Micro-Flipping? Micro-flipping is a type of short-term real estate investment that involves buying properties in need of renovations and reselling them quickly for a profit, usually without improvements.

rocketmortgage.com - Micro Flipping: What It Means In Real Estate | Rocket Mortgage

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If you’re interested in learning the ropes of micro-flipping, you’re not alone – it has become a trend in real estate recently. This method is appreciated by many beginning real estate investors because it’s not as costly as house-flipping and brings in money faster than many other investments.

So, where should you start?

Find Buyers

iBuyers like Zillow and Opendoor don’t have to worry much about with this, but if you want to get started micro-flipping by yourself, you will need to network. In order to get rid of homes quickly, you’ll need a network of interested buyers. You may want to target cash buyers specifically. Though you’ll make less money selling to cash buyers, it takes less time than the typical home buying process and lessens the risk of a deal falling through. There are many ways you can go about finding cash buyers, but posting ads both in person and online might be a good place to start. You can also make use of real estate listing websites or list your properties on the MLS to reach more potential buyers.

Get The Right Tools

Having the tools to find properties you can easily flip is just as important as locating buyers. In order to identify homes that you can easily resell, you’ll want to find some software that can help you. There are many programs out there, such as PropStream and Flipper Force, to name a few. Most of these programs will give you access to property records and allow you to filter results based on what you might be looking for. What program you choose to use is ultimately up to you, but it’s worth noting that most of these platforms offer free trials before you purchase, so you have a chance to try them all out, if you wish. Though it might seem optional, having user-friendly software to help manage your micro-flips is absolutely essential. Digging through public records yourself and trying to keep track of things in a spreadsheet will slow you down. Micro-flipping is very speed focused, so having the help of a program that can do half of the work for you will save a lot of time.

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Figure Out Your Financing

Financing is an important thing to think about before getting into micro-flipping, especially considering you will be buying properties that are in fairly good condition and may have a heftier price tag than distressed homes often targeted by house flippers. One option is to buy and sell in cash, as we mentioned earlier – though this is not really an option for many beginning investors who don’t have that kind of money just lying around. Another potential option is to get a loan or hard money loan. A hard money loan is a loan from a private lender that allows the borrower to get the money right away, provided the borrower pays the loan back in a very short period of time – often just a year or two. While these types of loans come with high interest rates and can be risky, they are popularly used for micro-flipping and house-flipping in general because of their convenient fast financing.

Connect With Experts

It’s a good idea to connect with an expert before you get started micro-flipping to help you get your bearings. You may want to connect with a local lender that works with flippers as well as a real estate agent or REALTOR® to help with contracts and transactions. It could be useful get in touch with someone that has wholesaling or micro-flipping experience, as well, to help point you in the right direction.

rocketmortgage.com - Micro Flipping: What It Means In Real Estate | Rocket Mortgage

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