According to a ATTOM Data Solutions recent report, real estate flips prove to be a lucrative market for investors in 2016. There were 193,009 single-family homes and condos bought and resold within a 12-month period, a new record. Low inventory and investors looking for a safe haven for their money seem to be the catalyst for the flipping activity and resultant returns.
There were 11 U.S. markets where flippers realized a six-figure profit, and six of them were in California. San Jose was the most lucrative market for flippers in 2016, averaging a profit of $145,750. San Francisco was the second-highest flipping profits with $140,000. These averages were very close to the ones in 2015 for the Bay Area.
Properties that need substantial renovations are more difficult to qualify for a conventional loan. This is where hard money loans come to the rescue. Investors in these loans stand to make a quick profit when the buyer completes the work and resells usually within 12 months.
Sun Pacific Mortgage & Real Estate, a family owned and operated hard money business, has been lending to Investors and home buyers in California for more than 29 years. We invite you to join our investor family and enjoy some healthy financial growth.
Call us at 707-523-2099 and we’ll let you know how we can help.
See ATTOM Data Solutions full article here: http://www.realtytrac.com/news/real-estate-investing/2016-year-end-u-s-home-flipping-report/