House flipping is quickly becoming one of the most popular forms of investment in the United States. It’s served as a career, side-hustle and hobby for individuals from all walks of life. You, or someone that you know, may have dabbled in the endeavor - and why not? House flipping success stories are everywhere! After hearing these stories from a high level, you might underestimate the hard work and thought that these individuals dedicated to their self-run business.
Flipping success is attainable, but before one starts on their journey, it’s important to understand that location matters. Some cities may offer a quick and decent ROI while others cultivate larger, more long-term methods of income.
Curious about the “flippability” of your hometown? Check out the 2017 Best Places to Flip Houses list.
Of course, there are many cities where one can find success flipping, but these three stand out above the rest:
Baltimore, Maryland
Baltimore is one of the largest cities in Maryland, but it doesn’t have the usual cramped-and-crowded feel that comes many with metropolitan areas. The city’s culture, along with it’s gorgeous views - especially around the Patapsco River - are among the reasons why Baltimore is such a great place to invest.
Baltimore offers one of the highest returns on investment in the industry. Choose your properties carefully and you’d be looking at a whopping 96% in gross profit within the first year.
Before moving on, it’s important to note that you may get overwhelmed before or during a flip – especially if it’s your first time in the game. Take advantage of educational opportunities in the industry that’ll walk you through the process or just get you started. Tarek El Moussa and Christina El Moussa created a real estate education program designed to do just that. The techniques and principles taught during the educational series are the same ones that the couple used while starting their “home-flipping” journey. If it worked for them, it’ll work for you.
Oklahoma City, Oklahoma
Another great city for house flipping business is Oklahoma City. Oklahoma is a very diverse state in terms of landscape, which makes it’s cities even more engaging for locals and visitors alike.
The average return on investment in this city is around 76%. The city also has a relatively healthy market, with most house flippers turning over a profit in less than a year! The year-over-year change in the home prices is also at a healthy level with the latest reports showing a 3.4% annual increase.
Another draw for Oklahoma City is its lively business landscape. New state regulations have, and continue, to bring large-scale business headquarters to the city. More businesses mean more employees. More employees mean larger populations. Larger populations mean more opportunities for house flipping success!
Jacksonville, Florida
We can’t talk about top cities for house flipping success without mentioning Jacksonville. This city is still one of the most popular areas in Florida and is home to a plethora of the nation’s top golf courses and resorts as well as luxury properties and holiday homes.
The property market in Jacksonville is very similar to that of Oklahoma City. You can expect an average return on investment of around 75% and as well as decently short waiting period for buyers. However, Jacksonville’s property market is growing quickly, so move fast if you want to capitalize on the opportunities within.
Starting a house flipping business takes work, but it can relatively easy. Starting a house flipping business in any of these three cities will make it even easier. Happy Flipping!
