The Best Places to Fix and Flip Houses in 2022
Here is the 2022 list the city leaders in the house flipping market.
1. West Valley City, Utah
Flipping houses in Utah can earn you an excellent salary as a house flipper. This state topped our list of top destinations thanks to a short turnover time, high homeownership rate, and low remodeling costs. On average, house flippers spend about $83,000 to remodel a house in Utah, while the lowest expenses move around $12,000. West Valley City stands out among the best cities to flip houses in this state.
2. Greensboro, North Carolina
With a median home value of $180,600, North Carolina is another house flipping destination for those ready to invest under $200,000. House flippers can remodel homes in this state for a minimum of $21,000, which is a solid amount. Homes in the state sell in about three months, which isn’t the best, but the housing costs are a reasonable $1,290 or so.
With a growing real estate market, Greensboro is among the best places to flip houses in North Carolina. This destination offers a solid quality of life, and it’s the largest economy in the state. Meaning, those who move there can expect high-paying jobs. That’s why Greensboro is a top spot for those who want to try our flipping houses in North Carolina.
3. Pittsburgh, Pennsylvania
Pennsylvania has an average ranking in most categories, but that doesn’t mean you should overlook it. The city’s average ROI of flipping houses is an impressive 162.4%. Selling takes about 108 days, and the cheapest remodeling costs about $20,000. All these figures make the destination a smart choice.
Pittsburgh and Philadelphia are the best places to flip houses in Pennsylvania. The latter is the obvious choice, being a popular city in general. Pittsburgh, however, allows you to find cheap properties and make hefty earnings. Making money flipping houses isn’t about investing in popular and expensive markets. It’s about finding growing markets and properties with high potential. Pittsburgh fits that description perfectly.
4. New Orleans, Louisiana
While flipping houses in Louisiana may not be the obvious choice, the state is a place of opportunity. New Orleans is among the best cities to flip houses in Louisiana as its market significantly improved after Katrina. It remains the most populated place in the state. The average ROI in Louisiana is 104.2%, and you can give a house a makeover for a minimum of $26,000. Houses in this state sell for about three months, while the house value index of Louisiana ranks 16th. With a median home value of nearly $182,000, this is the right place for a house flipper with an investment of that size.
5. Denver, Colorado
If you’re looking for the best places to flip houses in Colorado, consider investing in Denver. The average ROI in this city is 109%, thanks to the many tech companies that operate from there. Colorado ranks excellent in most categories and only underperforms when it comes to remodeling prices. Still, it’s possible to find great house flipping properties and sell them within two months.
6. Boston, Massachusetts
Boston is one of the best places to flip houses in Massachusetts and the US. The Bay State is an excellent destination in various aspects. Properties there have significant value, and the rental vacancy rate is low. Homes in the state further sell pretty fast. Massachusetts ranked 8th in the average turnover time category. Just make sure not to overlook the high remodeling and housing costs in the state. These prevent you from finding properties to flip without a significant starting investment.
7. San Diego, California
San Diego is one of the best cities to flip houses in California with its year-over-year increase in gross profit of 20%. California itself is expensive, but that’s why its homes have a high value that isn’t expected to drop drastically. California ranked 8th for the number of realtors and 2nd for the median sell price. For flipping houses in California, however, you will need a hefty starting investment and at least $48,000 for remodeling.
8. Memphis, Tennessee
Even though toward the bottom of our list, Tennessee is another top spot for making a nice house flipping salary. The reason? You only need about $16,000 to remodel a home. When it comes to the best places to flip houses in Tennessee, the crown goes to Memphis. In this city, homes sell fast, and the average ROI is an impressive 132.7%. Plus, the average home value index forecast places Tennessee in the 5th position in the category.
9. Atlantic City, New Jersey
New Jersey boasts a high average median income and a robust house market. The state also has many realtors and an average ROI of 141.6%. It is, therefore, an excellent destination for house flippers to consider. As for the best places to flip houses in NJ, we would recommend Atlantic City. Due to its proximity to New York and rapid growth, Atlantic City is an attractive destination. The same can be said about flipping houses in Maryland, the state that ranked just under New Jersey.
10. Virginia Beach, Virginia
Virginia has a lot to offer to house flippers, starting with an average ROI of nearly 100%. The average profit per flip in this state is $91,783, while homes sell in about 70 days. Virginia Beach, Lexington, and Chesapeake are some of the best places to flip houses in Virginia. Here, the market is stable, and the prices are reasonable. Meaning, it’s possible to flip cheap houses and make a profit.
Bonus 11 thru 20
11. Salt Lake City, Utah
12. Boise City, Idaho
13. Spokane Valley, Washington
14. Indianapolis-Carmel-Anderson, Indiana
15. Columbus, Ohio
16. Providence-Warwick, Rhode Island
17. Greenville-Anderson-Maulding, South Carolina
18. Seattle-Tacoma-Bellevue, Washington
19. Worcester, Massachusetts
20. Tampa-St. Petersburg-Clearwater, Florida
Tip of the Month………………………….
Making money flipping houses isn’t about investing in popular and expensive markets. It’s about finding growing markets and properties with high potential.
Tags: Fix and Flip, hard money, Hard Money lending, loan product, Private Money lending
Category: Harbour Group Capital News, Investing, Private Lending