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Flipping homes used to be a big thing. Granted, that's when housing as a business was relatively healthy. Now, however, it it's been sick for a while, but more individuals are flipping properties again.
Really making cash off homes
Before the recession, a ton of people flipped homes for a job. It made a lot of sense for those people when the industry was doing well and people were really purchasing homes.
People can make cash off a house if they flip it as opposed to just living in it. Houses are a lot of work and cost a lot of money because of improvements, repairs, maintenance, taxes and other costs you would not consider when looking at the cost. There is potential to make cash, but it does take work on an older house.
There was a 25 percent increase in the first half of the year last year in the number of people in the house flipping industry, according to RealtyTrac. Definitely, the industry has grown a ton, according to the Washington Post.
Top flipping area
The top area for flipping houses was Phoenix, Arizona with10,000 flips. Arizona, Florida, Nevada and California were all areas hit really hard in the recession because of inflated real estate values, and they are also the areas where more people are flipping homes.
Areas with a ton of foreclosures were hit hard, such as Atlanta, Miami, Las Vegas and LA. These areas also saw a lot of flipping. There were 1,067 flips in Chicago this year, which is a thirty percent increase, and means the city is also getting a lot of flippers, according to the Chicago Tribune. About 100,000 houses in the nation have been flipped and sold.
Getting the correct skill
It is not all that easy to flip properties in spite of what you may think. In fact, it could be really challenging to come up with the cash to buy the house. On top of that, the houses are usually uninhabitable whenever you buy them and need a lot of work before they can be sold to someone, according to CNBC. It is costly, so make sure you research the house to make sure it is secure first.
According to MSN, getting a flappable property with no money down is not likely to occur and definitely do not expect realtors to have properties that fit the bill. Auctions are not always going to have many either.
The net profit on flipping houses is not very cheap either, according to the Washington Post. The average profit per flip on RealtyTrac was $29,432, which seems great except that is only the difference between purchase price and sale price. That does not account for any other flipping costs, which are ridiculously high. It is most likely not worth it unless you can do all the work in flipping the house on your own or can somehow get really cheap labor.
Really making cash off homes
Before the recession, a ton of people flipped homes for a job. It made a lot of sense for those people when the industry was doing well and people were really purchasing homes.
People can make cash off a house if they flip it as opposed to just living in it. Houses are a lot of work and cost a lot of money because of improvements, repairs, maintenance, taxes and other costs you would not consider when looking at the cost. There is potential to make cash, but it does take work on an older house.
There was a 25 percent increase in the first half of the year last year in the number of people in the house flipping industry, according to RealtyTrac. Definitely, the industry has grown a ton, according to the Washington Post.
Top flipping area
The top area for flipping houses was Phoenix, Arizona with10,000 flips. Arizona, Florida, Nevada and California were all areas hit really hard in the recession because of inflated real estate values, and they are also the areas where more people are flipping homes.
Areas with a ton of foreclosures were hit hard, such as Atlanta, Miami, Las Vegas and LA. These areas also saw a lot of flipping. There were 1,067 flips in Chicago this year, which is a thirty percent increase, and means the city is also getting a lot of flippers, according to the Chicago Tribune. About 100,000 houses in the nation have been flipped and sold.
Getting the correct skill
It is not all that easy to flip properties in spite of what you may think. In fact, it could be really challenging to come up with the cash to buy the house. On top of that, the houses are usually uninhabitable whenever you buy them and need a lot of work before they can be sold to someone, according to CNBC. It is costly, so make sure you research the house to make sure it is secure first.
According to MSN, getting a flappable property with no money down is not likely to occur and definitely do not expect realtors to have properties that fit the bill. Auctions are not always going to have many either.
The net profit on flipping houses is not very cheap either, according to the Washington Post. The average profit per flip on RealtyTrac was $29,432, which seems great except that is only the difference between purchase price and sale price. That does not account for any other flipping costs, which are ridiculously high. It is most likely not worth it unless you can do all the work in flipping the house on your own or can somehow get really cheap labor.
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