How to Flip Bank Owned Real Estate

There are so many forclosures happening right now it is easy to see why people are learning how to flip bank owned real estate to make some extra money. If you understand your real estate market and are willing to put in a little work, this could be a great opportunity.

Finding Bank Owned Real Estate

• Make a list of banks and financial institutions in your local area and write down the addresses and phone numbers.


• Contact them over the phone or in person and ask them who is in charge of selling or managing real estate owned by the bank.


• Make an appointment with this person to discuss possibly making them an offer on a few or at least one of their homes.


• Get a list of their properties for sale if possible. Some banks direct all of their property through real estate agents; if this is the case, get their name and number to proceed.


• Get home asking prices and categorize them by area.

Evaluating And Purchasing Property

• Drive by each home to get a feel for the neighborhood and decide if the home may have potential for profit based on the asking price.


• Schedule appointments for the homes which interest you the most.


• Walk through the properties and make a list of repairs needed to bring the house to sellable condition. If you can bring a contactor or friend with rehab experience, this is a good way to get accurate figures on cost.


• Make an offer understanding the cost of bringing the home up to specs, and keeping your after rehab price low enough for the home to sell quickly, but high enough to make a tidy profit.