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?
Bill Rayman Home Mortgage12121 Wilshire Blvd
LA CA 90025