Is it still possible to profit from “house flipping” in 2021?
Short answer - YES!
As seen in the Peace Arch News March 2021.
Housing market predictions say that a fix and flip will be profitable in 2021.
Due to the increase in demand and shortage of inventory flipping is a solid strategy as buyers look for more options.
Home prices are up, which means appreciation can be forced by renovation, and there is good return on investment for flipping.
Know the 70% rule – do not pay more than 70% of a home’s after repair value (ARV) minus renovation costs. If the home’s ARV is estimated to be $850,000 and you need $35,000 for fixing it up to flip, your buying price should not exceed $560,000 ($850,000 x 70% – $35,000).
It was flipping houses that led me into Real Estate and I am here to answer your questions or help you find a property. We are experts in reno to sell and can offer price savings.
Get the best advice from a local, trustworthy expert.
AL G. DYCK, Personal Real Estate Corporation