Finding the Right Property to Rehab Can be a Challenge
Money Can Be Made in Rehabbing
BEST REAL ESTATE LEADS FOR REHABBING HOMES LEON MCKENZIE
If you can find the right property , money can be made in renovating properties and reselling them . However , this profit is dependent on the price of the original property and many other factors . As you can imagine , finding the right property can be even more of a challenge if you have a limited amount of leads coming in . There are ways to find the best real estate leads for rehabbing homes if you know where to look . fell 43 percent in Philadelphia , 32 percent in Phoenix , 17 percent in Tampa , Fla ., and Houston , and 15 percent in Denver . In 2013 , there was a bigger increase in the flipping of properties that sold for $ 400,000 or more than in lowerpriced properties .”
Finding the Right Property to Rehab Can be a Challenge
Money Can Be Made in Rehabbing
There is no doubt that money can be made by rehabbing properties . According to an article published by Teresa Mears , the profit can be relatively high . She writes , “ Investors flipped 156,862 singlefamily homes in 2013 , according to RealtyTrac , which defined a flipped home as one bought and sold twice within six months . The number of flips was up 16 percent from 2012 and 114 percent from 2011 . The average gross profit for a completed flip – or more accurately , the difference between the first sales price and the second sales price ¬– was $ 58,081 .”
Many investors who are just getting started in property renovation believe that they will have plenty of options and a large number of homes of which to choose . That is simply not the case . Real estate investors are seeing that leads in many areas are simply drying up . Mears writes , “‘ Investors have not lost interest in purchasing and flipping homes . In fact , now that we are seeing home price appreciation , they are more interested than ever ,’ Sheldon Detrick , CEO of Prudential Detrick / Alliance Realty , which covers Oklahoma City and Tulsa , Okla ., said in a RealtyTrac news release . ‘ The challenge for many wouldbe flippers in our markets is a shortage of available inventory to flip .’”
In fact , investors are even taking advantage of higher priced homes in metropolitan areas that yield a high profit and that are not a result of a foreclosure . Mears said , “ Only 21 percent of those flips were foreclosure properties , according to RealtyTrac , down from 32 percent in 2011 . And it has proved much more popular in some cities than others . Home flipping was up 141 percent in Virginia Beach , Va ., 92 percent in Jacksonville , Fla ., 88 percent in Baltimore and 79 percent in Atlanta . But it