Raking in returns
For home flippers seeking big returns, it seems Pennsylvania is the place to be. According to a new ranking, the average house flip brings in a 162.4 percent return on investment and nets owners more than $105,000 in profits.Verify your new rate (Jul 13th, 2020)
Top spots for home flipping
According to the ranking, Pennsylvania house flips average about $224,090 to purchase and take about 199 days to complete. Owners bring home $105K in profits – an ROI of more than 160 percent.
Colorado home flippers also see significant ROIs, with an average 155.6 return on their properties and about $74K in profits.
Flippers in Maryland stand to gain the most profit on their properties. The average house flip in the state nets the owner more than $109,000 and a 109.6 percent ROI.
Other states to make the list were Tennessee, New Jersey, Louisiana, Virginia, Florida, Illinois and Kentucky.Verify your new rate (Jul 13th, 2020)
The quickest flips
Tennessee properties flip the fastest, according to the ranking, averaging about 147 days per house. Homes in Florida take less than a week more, at 151 days, while those in Louisiana take 166 days.
The average time to flip for all 10 states is 180 days – or about six months. In the states worst for home flippers, properties average 203 days per flip, more than three weeks longer.
States ranked among the worst for flippers included Mississippi, Hawaii, Montana, Wyoming, South Dakota, Idaho, Utah, New Mexico, North Dakota and Missouri. Mississippi home flips average only a 4.3 percent ROI and $9,000 in profits. In Montana, flippers see just a 12.9 percent return on investment and $30K in profits.
Get today’s mortgage rates
Want to turn some profits with a well-placed home flip? Shop around and see what mortgage rates you qualify for today.Verify your new rate (Jul 13th, 2020)