Hi BPMs, I'm sure many California investors carry their buy and hold business out-state simply because it does not make a lot of sense to do in CA, but as Flipper's perspective, is LA or any other market in CA still has the top flipping profit numbers in the US?
Kinda but not really, by dollar value alone probably yes in that if you flip a $1.5M home you will make more than a $150k flip but no in that the returns aren't as good, there is more competition for distressed properties and less properties that have something wrong enough to scare off a retail buyer. For example you won't find many homes with foundation issues even though that may be common in other parts of the country.
It depends on how much money and how much experience you have. For an experienced investor with a good team there are people making millions, but the competition is fierce. There are millions of competitors with suitcases full of money and there are literally millions of competitors fighting for the same properties. It should be obvious that beginners would do much better in markets like Texas, Memphis, Detroit and many cities where properties can be purchased for less than a California doghouse.
Hey may I ask how many flips have you guys did in the past year ?