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