When you first make the decision to start flipping houses, one of the key questions on your mind should be where you will conduct your activities. After all, as anybody who has had previous dealings in the property market will be able to deal you, location is extremely important when it comes to buying and selling properties, both in terms of the demand for housing and the prices that you can charge for a property.
Simply put, some markets are naturally going to be stronger than others, so it is a good idea to know where to start looking before you make any purchases. Here we will examine some of the best cities for flipping houses in the current market.
Memphis is one of the most famous cities in the United States, but according to recent statistics, it is also one of the best when it comes to flipping houses. So far in 2015, the city has seen approximately 250 houses get flipped successfully, which is one of the higher numbers in the States.
Better yet, on average the house flipper made about $50,000 of revenue on each home that they sold, with an average buying price in the $100,000 range, while the average selling price was a little over $150,000. Considering the price of renovation work, this can likely spell about $20-25,000 of profit for each home flipped in the city.
Baltimore-Towson boasts very similar figures to Memphis, with statistics indicating that 258 homes have been flipped in the city during the first quarter of the year. However, the city is set apart from the rest on the list due to the enormous return on investment offered by each flipped property.
The average purchase price for a home during 2015 has been about $125,000, but the average sale price has rocketed up to a remarkable $243,000. There is simply no better market in the country today for people who are looking to make the largest amount of money from a flipped home, but beware that it will become a very crowded market as more people become aware of the potential on offer.
Ocala is an excellent city to get started in the house flipping business, as initial prices for a property are fairly low and there is a very good chance that you will see a solid return on the investment you make in the area. As such, if your budget isn’t huge it can be the ideal place to start out.
Average purchase prices in the city are approximately $51,000, with resale prices sticking around the $90,000 region. While that sale price isn’t huge in comparison to other areas, it still represents almost $40,000 worth of revenue from each sale. A few houses sold in Ocala could mean you are able to save up the money you need to get to work in a more prosperous city. The only issue you will face is that there are not a huge amount of properties on the market, with only 69 being flipped during the first quarter of 2015.
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Memphis Buy And Hold is specializing in locating, purchasing, renovating and managing single-family and multi-unit properties and possesses over 12 years of experience in real estate investing and property management in the Memphis and Nashville markets… Learn More…… www.memphisbuyandhold.com