How to Paper Flip Houses Remotely: A Step-by-Step Guide

Paper flipping, also known as real estate wholesaling, involves securing a property under contract and then assigning that contract to another buyer for a profit. This strategy allows investors to purchase real estate without owning the property or undertaking renovations. With advancements in technology, it's really easy to execute this strategy remotely.

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📋 Understanding Remote Paper Flipping

Remote paper flipping follows the same principles as traditional wholesaling but is conducted entirely from a distance. I personally use Propstream to conduct all these steps. This software has been key in completing my work efficiently and effectively. The key steps include:

1. Conduct Market Research: Identify profitable markets with high investor activity and demand for properties. Use sites such as Zillow.com or Realtor.com. These websites are free and provide a wealth of information.

   
   

2. Generate Leads: Use online tools and platforms to find motivated sellers willing to sell below market value. Target absentee owners, divorces, pre-foreclosures and any other motivated sellers.

   
   

3. Analyze The Property: Evaluate properties using virtual tours, photos, and online data to determine their value and potential profit margins.

   
   

4. Get the Property Under Contract: Sign the purchase agreement and have your seller to sign as well. Ensure that it includes an assignment clause to allow contract transfer.

   
   

5. Assign the contract: Find an end buyer, typically an investor, and assign the contract to them for a fee. The fee can vary depending on the area you are wholesaling. The sky is the limit in wholesaling fees!

   
   

🛠️ Tools and Resources for Remote Flipping

• CRM Systems: Manage leads and communications efficiently. I use Google Streak for my CRM. It easily integrates with my Gmail account and does an excellent job in keeping up with my leads.

• Virtual Communication Platforms: Use video conferencing tools for meetings and negotiations such as Zoom and Calendly to schedule tours.

• E-signature Services: Platforms like DocuSign and Dochub are great software to accommodate remote signing of contracts.

• Property Data Providers: In addition to Propstream, RESimpli, and Deal Machine also provide access to comprehensive property information and analysis.

  
  

🤝 Building a Remote Team

Having reliable contacts in your target market is crucial. This includes:

• Local Real Estate Agents: Team up with local real estate agents and provide a flat fee or use the property itself as a referral to the realtor if you are unable to sell the property. A realtor can provide market insights and property access.

• Contractors: Offer repair estimates and property evaluations.

• Title Companies: A quick google search will locate local closing agents in the area that you are wholesaling remotely in.

  
  

⚠️ Considerations and Best Practices

• Legal Compliance: Understand and adhere to real estate laws in the target market. Not all markets allow wholesaling. You don't want a huge fine or face legal action if you are wholesaling in a restricted area.

• Due Diligence: Ask questions and do your research to avoid delays and legal issues.

• Clear Communication: Maintain transparency with all parties involved to build trust.

  
  

By leveraging technology and building a reliable network, remote paper flipping can be a lucrative strategy for real estate investors seeking flexibility and scalability. Paper flipping is a way to purchase property without actually owning the property. It takes time and patience but with commitment, can be a great entry into real estate.

The information in this article are of the experience and opinion of the author. Due diligence should always be done before investing in real estate.