Ever see a run down home and thought
“Man I could redo that and make a killing!”
Decade ago everyone it seemed was flipping homes to make money during the housing boom. It sort of has come back according to RealtyTrac:
according to a new report from RealtyTrac, which defines a flip as a property bought and resold within a 12-month period.
While flipping today is nothing like it was during the housing boom a decade ago, when investors used risky mortgages, it is reaching new peaks in 7 percent of the nation’s metro markets, including Baltimore, Buffalo, New Orleans, San Diego and even pricey Seattle.
Home flippers realized an average gross profit of more than $58,000 in the first quarter of this year, according to RealtyTrac.
Remember, that’s “gross profit”, meaning before taxes.
Good luck if you do venture into the flipping world.