What are the best areas for SFH flipping deals?

[Ori Foyer]

Lets says that there is no budget limit.

What are the best areas for SFH flipping deals besides the north side?

Lets say that there is a budget limt of $250,000.

What are the best areas for SFH flipping deals besides the north side? (The budget should cover both property value and rehab value)

[Bart H.]

@Ori Foyer  Have you thought about NW Indiana?  Lake or Porter county?

Hobart?  Valpo? Highland?  Crown Point etc?

You would avoid most of the goofiness of Illinois.

[Ori Foyer]

@Bart 

@Bart H. Do you know if there is a flipping market in these areas. How long a property is on the market in those areas before it sold?

[Adrien C.]

@Ori Foyer NW Indiana is on fire. A rehabbed house priced right is flying off the market. There's a lack of inventory (because you IL folks are flocking over). I heard we had a 10% increase in home values just last year. 

[Bart H.]

Originally posted by @Ori Foyer:

@Bart 

@Bart H. Do you know if there is a flipping market in these areas. How long a property is on the market in those areas before it sold?

I haven't lived in the area in many years, so I couldn't really tell you the condition of the real estate market.  My point was Lake and Porter county are bedroom communities for Chicago, they do, or did have a fair amount of steel and automotive parts plants.  So it was a little more blue collar, properties were generally a lot less expensive, and there were  a lot of older homes that I am sure would be prime candidates for fix and flip or buy and hold.

I no longer live in the area, and my wife and I personally only invest in properties near where we live (Dallas) but if I was still in the Chicago metro area, NW Indiana is a place I would look at as a real estate investor

[Elbert D.]

I totally agree with what's been said already. But usually there is a good deal in Matteson, country club hills or orland/tinley park. Just beware of the taxes. But Indiana taxes are much much cheaper. Also keep a eye on Milwaukee.

[Andrew Holmes]

@Ori Foyer

The best way to search for area is download all sales, pending and actives in the northside area from the MLS.

Then import them to Excel and do a double search for flips. Then look for spreads of a minimum of 120K and a profit margin of 35 to 45K. 

Use the old 33/33/33 rule

33% for rehab

33% for carrying and selling costs

33%  for profit. 

You will be able to identify area with the highest number of flips and then you can duplicate that in those areas.