The 10 Best Cities to Flip a Home
As the national housing market continues to rebound, real estate investors are trying their hand at home flipping — buying and selling a house within six months. While in some markets home flippers lost money, in others they earned a decent return on their investment. In 10 markets, home flippers made at least a 48% profit in the first quarter, according to RealtyTrac figures. In Reading, Pennsylvania, they more than doubled their money.
Lower prices may make these housing markets more affordable for investors. Homebuyers in all but one of the 10 metro areas with the highest returns on home flipping were able to buy property for less than the average home price nationwide.
According to Daren Blomquist, vice president at RealtyTrac, home flippers are attracted to less expensive markets. In Pittsburgh, one of the best markets for house flipping, “you can buy five properties to flip and diversify” your investments. For the same amount, “in Los Angeles, you [can buy] one property, and flippers would have to put all their eggs in one basket.”
Read More: http://247wallst.com/special-report/2014/05/02/these-best-cities-to-flip-a-home/