Flipping California Properties on the Rise
Recent market reports show that flipping California condo conversions is on the rise, something we really haven’t seen since 2006. In recent years, condo conversions have been pretty controversial, and mostly seen among high profile investors and musicians who convert the buildings back to rentals.
One reason for the increase in condo conversions is inventory is down. In many areas of the country, the number of REOs has decreased. Also, multi-family has become a sector that has greatly expanded in the last few years.
Converting old apartment buildings to condo conversions are becoming common in many areas like the San Francisco Bay.
As for single family homes, many felt with home values rising and fewer distressed properties on the market the profit margin would be slim as opposed to past years. On the contrary! The typical profit margin for a fix and flip deal is $18,391, higher than it has been in the past two years.
The key to flipping properties is to know the market and local market, find properties priced below market value, have a good money source, act rationally, and have exit strategies in place. Flipping is investing that can quickly generate and build wealth.
The US market is in a boom, making this a great time to invest. In fact, now is the time that is said to be the time we will look back and see what a great time in real estate history it was to buy. There are many hot markets in the US right now, including: Jacksonville, Florida
• Virginia Beach, Virginia
• Charleston, South Carolina
• San Diego, California
• New Haven, Connecticut
Fix and Flip deals do have the potential to generate income, but they aren’t without risk.