You’ve watched an entire season of HGTV’s Flip or Flop and you’re ready to start flipping houses. After doing a little research, you find that flipped homes produced an average gross profit of $58,250 in the first quarter of this year, according to a report by RealtyTrac.
But before you start sledgehammering that wall between the kitchen and the living room, there are many factors to consider when deciding to move into the house-flipping business — one of them being location.
Financial advising site WalletHub has you covered. WalletHub analyzed 150 of America’s largest cities to find the best places in the U.S. to flip houses, considering factors such as median purchase price and bathroom-remodeling costs. In addition to placing the cities in an overall ranking, WalletHub breaks down each location into three categories: house-flipping market potential; renovation and remodeling costs; and quality of life.
Out of 10 Cities Chosen: Fort Wayne, Ind. Ranks #2
Fort Wayne, located in northeastern Indiana, comes in second on the list of best places to flip houses. Fort Wayne ranks 90th for house-flipping market potential, but it really shines because of its renovation and remodeling costs, which are the 14th-lowest among 150 cities analyzed.
Fun fact: Fort Wayne also has the lowest average bathroom remodeling cost. (Kitchens are cheapest to renovate in Mobile, Ala., and entire houses are least expensive to upgrade in Little Rock, Ark.)
So now you bought a house and you’re ready to start flipping houses. The project it may seem overwhelming. Where do I start? It’s like a 1,000 piece puzzle. Kevin Perk at Bigger Pockets goes through those six stages and outlines what you, the investor, needs to do to see the project through to completion.
Many houses you consider for rehab are in need of a total gut job, but you need to know your tolerance level. We are a member of the Ft Wayne community and we know that rehabbing, if done right, is rewarding from a financial standpoint, but is also good for the community. No more drug houses with late night visitors and less crime in affected neighborhoods. You can be a part of that, if you do it right.
JT Integrity Properties is here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Give us a call today at 260-202-2222 to let us know what YOU need help with!