What cities are best for flipping?

Question

I am curious about those of you who are having success flipping houses.  What market are you in and what sells the quickest?

Account Closed · Answer

I've been flipping up in Cheyenne, WY since 07.
I've had two so far that were only 7 weeks from contract to buyer close.
I actually moved up here from LA just for the real estate.

And even if you're stuck on a price and decide to rent, I've never had a unit that didn't rent within a week.
I always do a rent survey even when the plan is to flip, jic.

Patrick Snyder · Answer

Thanks to everyone for the replies.  Maybe I should rephrase the question to get the info I'm after:  I think I'm looking for cities that have hot markets for SFH's where homes are selling relatively quickly.  While I know a home can be flipped just about anywhere, I'm in search of people who have recent experiences in strong markets.

Any takers?

Kevin Perk · Answer

I think every city will have areas that are good for flipping and others that are not.  You just need to find someone with local knowledge to guide you.  Here in and around Memphis there are several areas where a retail flip is possible.  Memphis also has great areas for wholesale flipping as well.  We can still get a lot of cash flow for the price here.

Will Barnard · Answer

You can almost flip anywhere, as most have stated, it is all about the purchase price and the discount to exit value (ARV) that matters. Having a good team in place and knowing your market, whichever you choose) is the crucial part.

I flip in Southern CA and it has been great. It has gotten tighter, and competition can be firce, but so can the profits if you know what you are doing.

Markets that have been hit with foreclosures are always good places to flip as you have motivated home sellers there (often banks). CA, NV, AZ, FL, GA, MI, OH, IN just to name a few.

Mark Yuschak · Answer

Patrick Snyder, you can have good experiences flipping in most any market.  The key is pretty simple - buy a house cheap enough so that you can make some repairs and resell for a profit (or just resell as is for a profit...although some people consider that "wholesaling").

My best advice would be to learn as much as you can about your target market and costs to cure them.  Know the values of homes inside and out, block by block.  Once you have that knowledge, you'll be prepared to make offers and be comfortable paying what you offered.

Patrick Snyder · Answer

How about cities like Phoenix, Nashville, Houstin, Austin, San Antonio, Raleigh, and Charlotte?  Anyone have good experiences in these markets?

Patrick Snyder · Answer

I have read that Cheyenne has a good market, and I know that the tax benefits are about as good as it gets.  I have considered moving to Fort Collins seeing what happens.

@ Mark---I'll message you and maybe we can share some ideas

Mark Updegraff · Answer

Flips are possible anywhere as long as you buy right.  The foreclosure wave that has hit the nation has left plenty of opportunity to purchase steeply discounted property everywhere I've looked.  Upstate NY, Pennsylvania, Arizona, NOLA, Colorado, Florida... I'm having trouble thinking of a place I've been recently where you couldn't pull one off.  If you're worried about finding buyers, consider a gas play.  The Marcellus & Utica Shale areas are severely short on housing.  I rented a house there without advertising it before I was done rehabbing it and had 3 cash offers as well, again, no advertising...

Cheers,
Mark

Mark Yuschak · Answer

I'm an active rehabber in southeast Michigan (and about 50 miles east of you).

Since you are somewhat local, you know the region.  I tend to flip higher end SFH homes which are in Genesee County, but south of I-69.  They sell very quickly and there's strong demand for turn key homes in that area.  Oakland and Livingston counties are strong areas as well.  I won't flip anything in the inner city limits (Flint, Pontiac, etc.).

If you'd like to know more about the relatively small pocket that I'm actively flipping, feel free to contact me privately.  I'd gladly meet you for lunch and we can explore around from there!

Patrick Snyder · Answer

Thanks to you both.  Denver and Indy, so they may be possibilities down the road...

What cities are best for flipping?

Most Popular Reply