Flipping home has become a serious competition. If you aren’t one step ahead of the game, you aren’t making the most bang for your buck! There aren’t as many foreclosures on the market and renting has become a great source of income, so how are you supposed to get in there and get those low-end properties with a higher profit rate?
By getting creative!
Some buyers are changing their marketing targets, like picking homeowners who have older homes where they see an income, even if they aren’t for sale! Other’s are targeting landlords who might just be ready to give up due to it being more of a hassle to maintain than to rent.
New homes are still rising in price which makes homes that are flipped more affordable but not losing out on the new finishes and higher end appliances. Keeping up with current trends are also helpful. An older home might not be a potential buyers first choice but if it marks everything off their checklist you can bet the interest will be there.
“The average gross return on investment was 33.8 percent for completed home flips in the third quarter, up from 32.7 percent in the third quarter of 2014, according to RealtyTrac. Some markets, of course, are more lucrative than others. Baltimore, Tampa, Florida, and Chicago hold the top spots for gross flipping returns. The largest share of flips goes to Nevada, Florida and Alabama.” – according to CNBC