Where are Investors flipping?

[John Vitta]

So where are Investors flipping these days to find distressed properties under $100K? I'm in the Tampa Bay market and its near impossible to find anything under $100K. I'm willing to fish anywhere in Florida or anywhere in the country. Your thoughts and experiences please?

[Marty Boardman]

Sub 100K flips are difficult to find. Your best bet will be in small to medium size markets in the midwest and east coast (for example Illinois, Indiana, Ohio, Wisconsin). I live in Arizona but I'm doing deals in Wisconsin and Illinois and can make the numbers work there as rentals or flips. I used to do full-blown HGTV-style rehabs on all my properties to maximize profit. But you don't have to do that with the current market conditions. Buyers are content with a move-in ready home that has fresh paint, flooring and appliances. So for now I'm focused strictly on lipstick on a pig-type rehabs because of low inventory, scarce labor and high material costs.