Competition is fierce among flippers, because the returns are falling, hitting the lowest point in eight years during the first quarter this year.
Nationwide, flippers saw an average return on their investment of about 39% during the first three months of 2019, down from 42.5% in the previous quarter and nearly 49% a year ago, according to ATTOM Data Solutions. The number of flips are down 8% annually, so the stakes are up.
"The best deals are always the deals that we put our eyes on, and I can't put my eyes on every single deal, so Uber drivers are out there, they're looking at all kinds of different neighborhoods, they're putting their eyes on many houses, and if they see something that we've talked about fits my strategy then they send it over," he said.
And, because he dabbles in real estate investing himself, Umanzor knows exactly what he's looking for. When he finds something, he takes a picture of it on a special app that can pinpoint the location, as well as the specifics of the home from public records.
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