Looking to make some quick cash? How about house flipping? Did you know some house flippers earned an average gross profit of $68,143 in 2017, according to a new report recently released entitled: 2018’s Best Places to Flip Houses.
What is house flipping? According to the website Wikipedia “flipping is a term used primarily in the United States to describe purchasing a revenue-generating asset and quickly reselling it for profit.”
But house flipping is not something that you can do overnight, you need to know where the most lucrative places are to flip a house and after that you will need to do your homework about how to actually flip a house. There is more to it than simply slapping a coat of paint on the walls and putting up a for sale sign on the front lawn.
Flipping has been going on for years and these days there are even TV reality shows dedicated to this topic of flipping houses.
If you are a Realtor, an investor, or someone who is thinking of going into the field, flipping homes may be something you want to tackle in the foreseeable future. If you do you might want to read the report since it centers on helping serious real-estate investors find the best markets to list their flipped properties.
The study compared more than 170 U.S. cities across 27 key metrics. The data set ranges from median purchase price to average full home remodeling costs to housing-market health index.
Check out the chart below and read the report if you want more information and perhaps start flipping homers where you reside or beyond.
|Best Cities to Flip Houses||Worst Cities to Flip Houses|
|1||Sioux Falls, SD||163||New York, NY|
|2||Nampa, ID||164||Oxnard, CA|
|3||Boise, ID||165||Boston, MA|
|4||Fort Wayne, IN||166||Wilmington, DE|
|5||Missoula, MT||167||New Haven, CT|
|6||Peoria, AZ||168||Oakland, CA|
|7||Oklahoma City, OK||169||San Francisco, CA|
|8||Fort Smith, AR||170||Yonkers, NY|
|9||Des Moines, IA||171||Newark, NJ|
|10||Tampa, FL||172||Bridgeport, CT|
Best vs. Worst
- Pittsburgh apparently has the highest average gross return on investment, 145.45 percent, which is 24.5 times higher than in Montgomery, Alabama, the city with the lowest at 5.93 percent.
- Mobile, Ala. has the lowest median purchase price, $50,000, which is 14.6 times lower than in San Jose, Calif., the city with the highest at $730,000.
- Memphis, Tenn., has the highest share of home flips, 12.76 percent, which is 9.5 times higher than in Albuquerque, NM the city with the lowest at 1.35 percent.
- Charleston, SC, has the most real-estate agents (per 100,000 residents), 184, which is 20.4 times more than in Warwick, Rhode Island and Providence, RI the cities with the fewest at 9.
- Little Rock, Ark., has the lowest average full home remodeling costs, $75,888, which is five times lower than in Atlanta, the city with the highest at $375,734.
As you can see there are many places around the country where you can flip homes and perhaps make a pretty penny with the right information. Again, make sure you do your homework before you embark on flipping a home or two. Read more here.