Welcome!

News Feed Item

House Flipping is Back! | RealtyPin.com

NEW YORK, Jan. 18, 2013 /PRNewswire-iReach/ -- We've all seen the home improvement shows on television, where a contractor shows a homeowner how to makes upgrades that will increase the value of their property.  At the end of the program, the homeowner puts it on the market, all in hopes of making a profit on their home for sale. But television handymen aren't the only ones involved in the flipping game. In fact, it's become popular among investors around the country. Like they did prior to the housing market crash in 2007, people are once again gobbling up distressed properties that they believe have potential.

RealtyPin.com's Top 5 Cities To Buy a Home in This Year

They purchase the home through a foreclosure or short sale, oftentimes at a price that is several thousand dollars less than what is owed on the mortgage, and then flip the property.  (And these days, there are plenty of foreclosures and short sale properties to choose from!  In fact, close to 25% of home sales around the U.S. are foreclosures!) After a few repairs, renovations, and upgrades, they re-list their recent purchase, in hopes of making a significant profit. But is the flipping game right for you?

Realtypin.com's Mortgage Rate Predictions for 2013

Here's what you need to know:   First off, you aren't the only one considering joining this booming business. In fact, according to real estate portal RealtyPin.com, the number of flips rose 25% nationwide in the first six months of 2012, when compared to the same time frame from the previous year.  So, you'll have some competition for those distressed properties in your city!

RealtyPin.com's Top 5 Cities To Sell a Home in This Year

Secondly, you'll also be competing against people who don't want to flip a home, but are simply looking for a new place to live.  After all, record low interest rates and falling housing prices have enticed many would-be buyers to search the market for the perfect fit.

RealtyPin.com's home buying advice for Single Homebuyers

Most importantly, you'll have to work quickly. Even after you find the right home, and beat the other would-be buyers to punch, just purchasing a distressed property and waiting for the housing market to improve isn't enough these days. Economists say that's the main difference between flippers in the mid 2000's, who gave the term a bad name, and their counterparts today. Back then, investors looking to make a quick profit, swarmed in like vultures and bought as much inventory in a particular town as possible.

That won't work for today's flippers. With the housing market still on the mend, the only way you're going to make a significant profit on a flipping project is to actually flip the house -- and quickly. That means going in, updating out-of-date appliances, making all of the necessary repairs (both major and minor), and doing an overall kick-butt renovation to the home.  You'll have to spend a bunch of money to improve the house -- but make sure that you can end up making enough of a profit to cover all of your expenses.

One final note -- not every distressed property is flip-worthy. Some homes simply won't sell for a profit, no matter how much work you put into them because of their style, location, age, etc. So, be sure to do your homework before you purchase a property in hopes of flipping it. If you get everything just right, in the end, your flipped home will soon have a "For Sale" sign in the yard -- just like on that television show! 

Media Contact: James Paffrath RealtyPin.com, 1-(866) 960-8649, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE RealtyPin.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...