There are plenty of articles and studies showing which cities are ripe for house flippers, but what about something closer to home? What about your city? How do you determine where to focus your efforts?
First, know your city. If your city is experiencing growth with investors are moving in, you may need to look farther out to find a reasonably priced flip. Identify an area and familiarize yourself with the neighborhood. Are retirees, millennials, or new families moving in? What’s most important to these groups? Knowing who the local buyers are and what they want can make all the difference in a quick flip.
Next, check out area demographics: local schools, median home price, crime rates, ease of commute, area businesses and amenities. Look for up-and-coming areas. Real estate sites such as Trulia and Zillow have data on area pricing and square footage. Analyze recent sales and what is attractive to recent buyers. This will help you choose the right project.
Lead Funding, a private lender, can provide a host of free, value-added services to help borrowers make the most of their flip.