I'm looking to buy a house for myself to possibly live in. I noticed investors flipping houses in Willingboro, NJ? I see a lot of mixed reviews on the town itself. Many say the school district is terrible, there is a lot of crime, etc. If so, why are investors taking the time to flip homes? Do they see a projected future for this town or are they catering to the people within the town since they are still cheap prices (after renovating)
Investors often see things that normal people don't see.
Some of the best areas for flipping homes are older and more dated areas. Lower middle class areas with smaller less expensive homes. The school district rating is irrelevant.
Yes, but do you think they are catering to this type of area and that's why the prices remain low or are they hoping to make the area better over time so their flips will make even more money?
I am not sure if I have an answer for your specific question but from my experience and looking into that area the comps have been pretty solid for the past couple years.
Willingboro could essentially be split into 4 different zones separated by JFK Way and Levitt Pkwy. When looking at your comps keep that in mind and price accordingly.
I'm looking for a Investor friendly realtor that is familiar with the Willingboro market if any are here or see this
Hey @Steven Neville feel free to send me a PM on here
They are flipping because the price spread between nonrehabbed homes and rehabbed homes is large enough for them to make a good return on their time and money. They dont care about the school districts or crime. Flippers are in it for short term gains, not long term.
I'm from New York and i have a realtor looking for properties to flip and that's one of the areas we are looking at.
@Dierdra Walsh Because they're making money! Idk about the area you're specifically mentioning but if there is money to be made, someone will take advantage of the opportunity. Not everyone will want to go to the lesser markets, but some will as long as they are able to turn a profit. There is an area close to me that is less desirable than other cities surrounding it, but I know a handful of investors making a killing there because everyone else ignores the area and "can't find deals".
Willingboro has a high foreclosure rate. From an investment perspective of buy low sell for profit, the community makes sense.
I looked into some stats for Willingboro, NJ and here is what I found:
Median Household Income: $67,572
Median Home Value: $160,000
Rent vs. Own: 18% Rent & 82% Own
This is why investors are there flipping houses. Most investors look for neighborhoods that it seems people are wanting to move out of but many times it isn't the case.
New investor, recently visited Willingboro, NJ. Looked at some fixer uppers, there is potential in the marker in Willingboro. Will be diving into this market real soon.
@Sohail Ismaili Hi! Did you take the plunge and start investing? I’m looking in that township as well.
How's everyone investing going
@Yashar E. :
Hello, Yashar - You seem knowledgeable about Willingboro. Have you flipped homes in the area?
There is really only one reason: to make money. There must be a market that investors see that you don’t.