I'm in Indianapolis and I have abusiness partner in kentucky and I plan on flipping their and indy also expanding in baltimore and chicago as well soon where I have friends who want to wholesale..Are they good markets to flip in ?
Not sure what you are asking.
Just like anywhere else, there are good deals and bad deals in Baltimore. It depends on the numbers.
Same with KY. I've had successes and I've lost money - depends on the deal and whether or not you have good/dependable contractors lined up to do the work. A good flip can easily be a loser if you don't manage it properly.
There are very few markets where you cannot flip successfully if you have the right knowledge and contacts.
@Kortez Walker , don't come to Chicago. I will crush you (LOL). Seriously...I am buying 4-6 houses - so yes, Chicago is a great market. Here's the proof:
Don't come to Indy - specially Lake county IN. @Sharad M. is buying 100 houses there every second...
I'm In Indianapolis just started 6months ago @Wendell De Guzman
I've done 3 deals already so I'm still getting my feet wet. I love chicago and that's awesome I most definitely need to work with you lol. Give me about a yr to know your market I'll be coming for you. Lol
@Wendell De Guzman Thanks for the mention :)
Past few weeks have been slower. Every market has great areas to flip and do rentals, you just have to know the market really well to be sure you are in the right area to execute your strategies.
Louisville is good, stay out :) Honestly, the MLS has dried up in the past two months. Might just be the seasonality of the flip.
We're actively flipping in Chicago but Chicagoland is a big place with a huge range in prices - what type of properties and end purchasers are you aiming for and what areas or price ranges are you looking at? On the north side it's significantly more expensive and we're typically selling to owner-occupants, on the south side it's typically less expensive and we're selling more to investors (or owner-occupant investors who plan to house hack a small multifamily property).
I'm looking to deal with the southside the investor part of it. Places like hammond that's near chicago and also rockford as well.
"Good" is a subjective term, based on your research. Personally, I would say "no", I don't like them do to population and job growth forecasts, but to each his own. I don't flip, but if I did, I would concentrate in ONLY quickly appreciating markets (Chicago may not be bad). Otherwise you're in for a world of hurt if you've got a property you just invested a considerable sum and the market price drops.
It will depend on the details of the deal, the market and market trends, your talent to match the property to it's highest and best use in the neighborhood, ability and speed to get work done, and how deep your pockets are.
I believe in investing in your local area. Knowing your market is as important as what the market is doing. It is easier to find great deals when you know the market.
I agree with @Nancy Roth if you are flipping it is the numbers that count, and any market can have good deals to flip. Profitable rentals on the other hand can be very tough to find in some markets and that makes investing out of your area more appealing.
My gut instinct tells me that managing a rental from afar is easier than managing a flip.
PS yes I know a lot of investors that do very well flipping in the baltimore area.
To provide an answer with a very large grain of salt, I think Baltimore is a better market for rentals than for flipping, but that's not to say it can't be done successfully there. For me, as I look at available properties, I find a lot more properties where the numbers are better for rentals than for flipping in Baltimore.
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