Where have the super hot real estate markets gone?
In 2005, Las Vegas, Miami, and Orange County were the place to be dropping some serious cash. Looking at Orange County today for instance, doesn't look so obvious. There are lots of properties for sale, and not a lot of buyers. I'm sure there are deals to be had... is competition making flipping difficult? Florida and Arizona seem to still offer good values for the flip, with median home prices floating around 130k to 170k. Now, the big question... is it worth the effort?
I challenge you to look at the time involved in the flip process. For example, how much time do you spend on purchase, upgrade, and sale of the property? Break it down to an hourly wage, if you have multiple flips, try and divide the time up evenly between your properties. Once you've got your flip down to a simple formula, you can begin to examine how your workflow is structured. Maybe its time to outsource or increase the number of people you work with. Your income will eventually be limited by how much or how little work flows through you. If you've already removed yourself from the equation, then you are on your way to larger profits by scaling your work to meet your financial needs.
Related Links
Orange County Real Estate Finder
MSN Money: The Next Hot Housing Market
In 2005, Las Vegas, Miami, and Orange County were the place to be dropping some serious cash. Looking at Orange County today for instance, doesn't look so obvious. There are lots of properties for sale, and not a lot of buyers. I'm sure there are deals to be had... is competition making flipping difficult? Florida and Arizona seem to still offer good values for the flip, with median home prices floating around 130k to 170k. Now, the big question... is it worth the effort?
I challenge you to look at the time involved in the flip process. For example, how much time do you spend on purchase, upgrade, and sale of the property? Break it down to an hourly wage, if you have multiple flips, try and divide the time up evenly between your properties. Once you've got your flip down to a simple formula, you can begin to examine how your workflow is structured. Maybe its time to outsource or increase the number of people you work with. Your income will eventually be limited by how much or how little work flows through you. If you've already removed yourself from the equation, then you are on your way to larger profits by scaling your work to meet your financial needs.
Related Links
Orange County Real Estate Finder
MSN Money: The Next Hot Housing Market