real estate

5 tips for flipping houses after the bubble

Networking matters
Networking matters © wavebreakmedia/Shutterstock.com

During the bubble years, it wasn't hard to find a house to flip. Prices were going up across the board and it seemed like there was no end in sight. But these days, the market for flipping is more rational, which means good opportunities are scarce in a lot of markets, says Mike Freeman, a broker in Round Rock, Texas, near Austin.

"Because of the low inventory (in Austin), good flip houses are hard to come by, so you need to search them out in unconventional ways," Freeman says. He recommends asking friends and neighbors if they know people who want to sell their homes but haven't contacted agents yet. "Another good way to find homes is to network with attorneys who handle estates and divorces."

If you don't put the time into working your contacts and searching out hidden opportunities, you won't be a successful flipper in a tight market, Freeman says.

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