The best states for house flipping8/13/2018
Ever since popular shows like Flip or Flop or Flip This House started airing, many people have quit their daytime jobs to join the increasingly popular trend of house flipping. This process can be rewarding, from seeing your hard work come to life, to reaping substantial profits. Becoming a real estate investor and making a profit from house flipping isn’t an easy, overnight process. It takes patience and precision to get your top dollar. However, certain markets make it easier to flip than others. If you’re looking to start investing in real estate, check out these states that are the best for house flipping!
Known for its picturesque mountain ranges and booming job markets, Colorado has become a hotspot for house flippers. As the housing market in key cities like Denver and Colorado Springs have increasing demands and low supply, flips are selling fast and for top dollar. With an average time to flip of 176 days, house flippers are quickly turning profits. Big profits at that — with an average profit of $74,300. Even though Colorado home prices are not cheap, they turn over quickly. This mixed with the high demand brings the state’s average return on investment to 155.6%.
It’s no secret that Louisiana is the destination for flavorful cuisine, rich history, and one-of-a-kind festivals. But Louisiana is quickly gaining popularity in house flipping as well. With a small average time to flip of 166 days and an average profit of $71,866, it’s no surprise that people are investing in Louisiana cities. Baton Rouge and New Orleans are the most notable for their high flipping returns. Overall, the state saw an average return on investment of 104.2%.
Tennessee tops the list for best places to flip houses. This in large part is due to its short turnover time at just 147 days. This quick turnover helps investors get their homes on the market faster and start new projects. People who flip in the country music capital can expect profits at an average of $57,600. While this may seem relatively low, it translates to an average return on investment of 132.7%, the fourth highest nationwide.
Home to many historic symbols, such as the Liberty Bell and the Declaration of Independence, Pennsylvania has a low median house price and ranks high when it comes to making money flipping. Pennsylvanians stand to make top dollar when flipping houses in this mountainous state. Deeply rooted in history, Pennsylvania yields high profits, at an average of $105,190 per flip. With such high profits, house flippers can expect an average return on investment of around 162.4%, the highest in the nation. At this rate of return, the 199 days it takes on average to flip is well worth it.
Another east coast state, New Jersey also tops the list as a great place to flip houses. Though house prices may be a little steep and the time it takes to flip is a little longer (207 days on average), turnover rates prove that the investment is worthwhile. The average profit in New Jersey stands at $102,300, the sixth highest in the country, and the average return on investment is 141.6%, the third highest in the country.
Link to original article: https://www.homes.com/blog/2018/08/the-best-states-for-house-flipping/