15 Cities Where House Flippers Are Making Tons of Money | TigerDroppings.com

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UltimateHog
Arkansas Fan
Springfield, MO
Member since Dec 2011
33019 posts

15 Cities Where House Flippers Are Making Tons of Money


LINK Any house flippers on here? I've always thought about it.

5) Tampa-St. Petersburg-Clearwater, FL: 23% Gross Profit
Single Family Flips (first half 2013): 2,673
YoY change: 32%
Average purchase price: $102,193
Average gross profit: $23,446
Gross profit percentage: 23%


4) Pittsburgh, PA: 32% Gross Profit
Single Family Flips (first half 2013): 617
YoY change: 79%
Average purchase price: $114,355
Average gross profit: $36,537
Gross profit percentage: 32%


3) Palm Coast, FL: 34% Gross Profit
Single Family Flips (first half 2013): 528
YoY change: 267%
Average purchase price: $127,896
Average gross profit: $43,721
Gross profit percentage: 34%


2) Omaha-Council Bluffs, NE-IA: 56% Gross Profit
Single Family Flips (first half 2013): 2,662
YoY change: 329%
Average purchase price: $153,617
Average gross profit: $85,537
Gross profit percentage: 56%


1) Deltona-Daytona Beach-Ormond Beach, FL: 82% Gross Profit
Single Family Flips (first half 2013): 729
YoY change: 111%
Average purchase price: $62,826
Average gross profit: $51,657
Gross profit percentage: 82%







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MrBlue105
Navy Fan
chillin with the BWC - anaconda
Member since Apr 2013
6602 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


My brother-in-law's parents made hella bank by buying flooded houses and gutting em(collecting road home money in the process) and renting em to mexicans





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UltimateHog
Arkansas Fan
Springfield, MO
Member since Dec 2011
33019 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


Screw renting though.





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KBeezy
LSU Fan
Baton Rouge
Member since Dec 2004
12459 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


That ain't real money slumlording


Renovating and flipping shows real ROI when done well

Slumlording brings a lot of heachache for a meager profit






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Towelie
LSU Fan
America's Wang
Member since Aug 2007
18895 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


I've got some friends that have been killing it in Orlando, it's starting to level off a little though. The biggest problem they're having right now are Chinese cash buyers paying 15-20% over asking prices picking up all the good inventory.





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stout
Arizona Fan
Sportsman's Paradise
Member since Sep 2006
117620 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


quote:

I've always thought about it.



I have flipped plenty of real estate through the years. Not just houses.

I was there before all the shows on TV showing everyone how "easy" it is. Articles like this and those shows create a false reality where everyone thinks it is easy and "they can do it too"

It's not nearly as cut and dry. People in this article and people on those shows have spent years building up market knowledge and the proper contacts to locate the best deals. They also built relationships with contractors and suppliers that service them first and give them the best deals for ongoing business. They buy the property cheaper and get it remodeled lower than you could do it. It's not as simple as buying a foreclosed property, slapping some paint and floors in it then reselling it.

I saw so many horror stories of people losing their life savings trying to emulate what they saw on TV with zero market experience or construction knowledge.

I started as a Real Estate agent 13 years ago in 2000. Bought my first flip in 2001 and got my contractor license and built my first spec house in 2002. I was there pre sub prime bubble and rode it before it popped so I have seen it all.



This post was edited on 7/23 at 6:54 am


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CaptainsWafer
Austin Peay Fan
Bone it like you own it.
Member since Feb 2006
40156 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


Yea but you get to call yourself a lord though.





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Creamer
LSU Fan
louisiana
Member since Jul 2010
1471 posts
 Online 

re: 15 Cities Where House Flippers Are Making Tons of Money


I declare thee lord of this land.

I always think of this when I here landlord.




This post was edited on 7/23 at 6:57 am


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UltimateHog
Arkansas Fan
Springfield, MO
Member since Dec 2011
33019 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


Oh I'd probably have some of my family, my uncle has flipped a handful of houses over the last 5 years or so in Springdale/Fayetteville.

How'd you know I watch DIY and HGTV frequently?






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Salmon
USA Fan
On the trails
Member since Feb 2008
27911 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


My parents would be perfect for this, with my Dad being a carpenter and my Mom being an interior designer. They have thought about it some, but they always just do not want to deal with the headache.







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trillhog
Elite Membership
Member since Jul 2011
18772 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


quote:

The biggest problem they're having right now are Chinese cash buyers paying 15-20% over asking prices picking up all the good inventory.


you should b/c their go to guy for deals if you got a inside track. that's a good customer that'll pay over market cash.






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TheIndulger
Longwood Fan
Laffy Taffy
Member since Sep 2011
9916 posts
 Online 

re: 15 Cities Where House Flippers Are Making Tons of Money


Yeah, you do have to really know what you're doing before getting involved in this. Precisely why I wouldn't, unless someone managed the whole thing and I just invested.





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DollaChoppa
LSU Fan
ACC #1 Football Conference
Member since May 2008
74259 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


This is how the economy got fricked in the first place.





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stout
Arizona Fan
Sportsman's Paradise
Member since Sep 2006
117620 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


quote:

unless someone managed the whole thing and I just invested.


I do this too. I have 5 different investors I deal with for really big deals and larger developments.






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TH03
Notre Dame Fan
Member since Dec 2008
93808 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


you ever dabble with tax sales?





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LSUTigers00884
LA-Lafayette Fan
Lafayette
Member since Oct 2011
759 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


Uncles name is Larry?





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UltimateHog
Arkansas Fan
Springfield, MO
Member since Dec 2011
33019 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


quote:

Uncles name is Larry?


Negative.






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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
70175 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


There were some really good deals on the gulf coast after the bubble burst around 08. Lots of middle class families were stuck with condos they couldn't afford and were worth less than half of what they paid.





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stout
Arizona Fan
Sportsman's Paradise
Member since Sep 2006
117620 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


quote:

you ever dabble with tax sales?



Too long to fool with and you have no guarantee of a return. You have to pay on it unopposed for 3 years before you can apply for ownership if I recall. During those 3 years the owner can pay you back the principal with some interest and fees but nothing too crazy.

I looked into it but it seems like a long time to tie money up in hopes you get to file for it one day or get a little bit of interest.

Also, chances are if someone is not paying their property taxes they will have other liens on the property before the 3 years is up from other stuff they aren't paying on.

I know of a few people that did get land this way. They found land where someone had died and the heirs were out of state or couldn't be located and didn't pay on it. Nothing ever huge. Like a few acres here and there. Some of it was even land locked.






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TH03
Notre Dame Fan
Member since Dec 2008
93808 posts

re: 15 Cities Where House Flippers Are Making Tons of Money


yea, 3 year redemption period. I've just seen a couple landowners up here get loaded from buying shite tons of tax sale properties. the ones they've kept have now been leased and producing so it's free money. I'd like to get into it, but I'm afraid it might be a larger investment that I can't do right now





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