Flipping houses is one of the most lucrative businesses today. It makes for a great side hustle and a full-time career. All over the US, flipping houses is helping people afford good quality housing. If you are looking for some of the best cities for flipping houses, here are the ones where you can get a solid footing.
What You Should Know Before You Start Flipping Houses
· The Home Ownership Rate
When you first consider flipping a house, it is usually because you expect to sell it, and the only way you can flip more than one house is if you do it where people can afford to buy the houses with installed Costco HVAC systems and furniture from Ashley. People are more prone to buy a flipped house if they can afford it. This means you have to go to the suburbs because, in cities, most people are renters.
· The Home Value
Different area codes and cities have different home values and when you are flipping a house, you want to do it in an area where the home value is high, that way you can make a handsome margin. You should also look for the one area where there is a high demand for houses.
· The Average Sale Price in The Area
These are the prices that show you how much profit you are going to make when you flip houses. The average sale price for houses will allow you to know whether you can flip more than one house. States with a reasonable ratio of average listing to average sell price have the best house flip numbers.
· The Average Housing Costs
These numbers are important because they enable you to know where people are willing to buy homes for the price you want to set and it helps you understand the amount you will spend on a flip while getting the highest return on investment.
Cities With the Best Flipping Numbers
For those looking to flip houses for the highest profits, these cities are some of the best on the list. According to the ATTOM Data Solution Report on House Flipping, these are the cities with the highest Return on Investment.
- Pittsburgh, PA
- Cleveland, OH
- Wilmington, DE
- Philadelphia, PA
- Columbia, MD
- Baltimore, MD
Cities with Rising House Flipping Profits
If you cannot get into the cities with established high ROIs, you can try these states where the numbers are rising and promising to house flippers.
- Dallas, TX
- San Antonio, TX
- San Diego, CA
- Chicago, IL
- Oklahoma City, OK
Cities with Low Renovation Costs
One of the most important factors in the flipping business is low renovation costs that ensure a higher profit margin. Here are cities with the lowest renovation costs.
- Little Rock, AR
- Memphis, TN
- Des Moines, IA
- Cedar Rapids, IA
- West Valley City, UT
Keeping all these factors combined can help you build a very lucrative business that could help people afford a home for their families and could have you laughing all the way to the bank. It’s a win-win situation for all! If you are looking for property owners in multiple cities, try using Deal Machine – a Real Estate Investor software to help you find leads faster.
