Where is best place to flip a house

7 Replies

Hi

I want to start flipping houses in anew area for me , that I am not familiar with.

1. How do I find the best neighborhoods for flipping,  what is the criteria for this (I am now concentrating  on Cleveland)

2. How do I find  or how do I know what is the minimal price of a property that I can sell it, after flipping

in  my calculations how  to find the selling price 

@Mikle Davis, I am not trying to be disrespectfully at all but pretty much every question you asked can be answered here on BP with a little bit of leg work. I would recommend going to a local REIA in the cleveland area ( here is a hyper link that may help you with that : https://www.biggerpockets.com/forums/521-events-an...

To answer your next question, you have to do a lot of research to see what type of market Cleveland has and more specifically what neighborhoods you are focusing on look like from a selling price perspective.  A local realtor could probably help  you with this.  They are extremely familiar with the local markets.  

Well, I certainly hope you find what you are looking for and wish you nothing but GR8 success in the future.  

Hi

Thank you for your answer.  The thing is that I leave very far. So  I just can call  brokers and asking them questions about which  neighborhoods to invest. Is it enough just calling?what else can I do if I don't leave   near by to understand better the market and neighborhoods. 

Can my research rely only on brokers answers? 

Originally posted by @Mikle Davis:

Hi

I want to start flipping houses in anew area for me , that I am not familiar with.

1. How do I find the best neighborhoods for flipping,  what is the criteria for this (I am now concentrating  on Cleveland)

2. How do I find  or how do I know what is the minimal price of a property that I can sell it, after flipping

in  my calculations how  to find the selling price 

 I suggest looking towards the more expensive suburbs. Many try to flip in the entry level space like C-CLASS Cleveland proper neighborhoods or some of the inner ring suburbs such as Parma, Bedford, Garfield etc...When working those ares you have folks looking to buy for $30k or so, rehab then the exit price is around $80k-$115k.

In my opinion the margins are too thin in those areas and there is an increased level of competition driving up the entry level prices of distressed assets as everybody and their brother watches HGTV & wants to flip houses. The real opportunity is in hitting neighborhoods where the exit price is going to be $250k+. As your no longer going after the low hanging fruit the competition is scarce as most don't have the funds to focus on these area. Margins are larger, your buyer pool is more financially sophisticated & much more money can be made.

As for your second question that is simple. Check the comps. Get with a Realtor who can provide some comps and insight into the neighborhoods for you.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

@Mikle Davis why do you want to start flipping in a area you are not familiar with and live far away from? Wouldn't you need to know the area to know if flipping there is worthwhile? How will you run a flip a long way away? Have you flipped any houses in your current area?

@Brian Pulaski

The reason that I am doing it is that prices in my area are very high. 

I am now investigating the new area where I want to flippe. I am doing a web research and speaking with local brokers. I believe that it can be done long distance. 

I am making my research now. 

I  found which type of properties area being sold the fastest

I  found how long it takes to sell in average a property

I found who is the buyer to the type of properties that I want to flip

I will run the flip by using local contractors brokers inspectors...

This is in general my plan

What do you think about it? 

And I wanted to ask you , how do you make market research in your area .Do you have any tips?   

Hi

Its a good artificial.

How do I find residents mails? and what should I write there? 

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