Big money going into flipping million dollar homes
Disclaimer - Do not try this at home
There was a time long ago in Los Angeles where aspiring actors would fix up homes in between auditions and gigs, then resell for a profit (hopefully). More recently there have been local investment groups made up from the crafts that were very good at making money this way. Now it would appear that the market is really made up of big money professionals, including banks fixing up their own foreclosed properties. All that competition has dried up the flippin market. Or has it?
Turns out Los Angeles is #1 in the US for house flips. While the most likely neighborhood is still Mid City, Encino, Granada Hills, and Northridge all made the top 25 nationally according to Redfin.
It would appear that the easy, inexpensive flip like you see on TV is not happening in LA, but more expensive homes are being fully modernized and upgraded, often at a cost of over $100,000. With the upper end of the market currently the most active, these properties sell quickly with good gains.To read much more on the subject, check out:
What's Up with the Flippin Market?
and
Scary Tales From the New Million-Dollar Fixer-Upper Flip Scene
If you are considering purchasing a home to flip and need a mortgage to do so, or if you need a construction loan for the improvements, please give Bill Rayman a call at 424-354-5325.Bill Rayman Home Mortgage
12121 Wilshire BlvdSuite 350
LA CA 90025
424-354-5325
bill.rayman@guaranteedrate.com
https://GuaranteedRate.com/BillRayman
About Me
commercial hard money lenders, office building, apartment buildings, shopping centers commercial hard money lenders
ReplyDeleteFar too often we’ve seen insurance claims be denied because of this. You should read your insurance policy and have a firm understanding of what is covered and what your responsibilities are as a homeowner.
ReplyDeleteflooded basement repair in Ashburn Virginia