The Hot LA guide for Flips

March 21, 2016

Three LA Neighborhoods made the top 10 “hottest” neighborhoods in the US for flipping list!

Which are they? Curious?

House flippers are pretty much embedded in every neighborhood of LA, paying all cash, driving up prices, but some locations are certainly much more attractive than others to those who are looking to purchase, fix up, and sell as quickly as possible.

What is a flipped house? For those that don’t know… It is a home that was bought and resold within a 12-month period and was resold for at least 10% more than the original purchase price.

That being said, where can we find these flipped homes with the largest markups?

Redfin found that 3 of the “hottest” neighborhoods for flipping houses in the country last year were in LA – they rank Mt. Washington and Silver Lake as 2nd and 3rd on the top 10 list, respectively, in terms of the gains made by house flippers.

What are Gains? The markup between the resale price of the house and what the flipper paid for the house; but they are not exactly profits)

In Mt. Washington, Redfin predicted it to be the most desirable neighborhood for 2016. Flippers saw an average gain of $312,000 in 2015!! It’s not surprising the flips are seeing massive gains, even though the median price is currently above $700,000, flippers are able to snap-up older, unimproved properties.

In Silver Lake, flippers averaged $307,000 on a project last year. Los Feliz, which squeezed in at number 10 for top 10 list, saw average gains of $241,000 on flips.

As one may expect, the greater LA area is pretty popular and lucrative for flippers in general. The average flip in the LA metro area gained house flippers $138,500 over the original purchase. Enough to place LA 6th on a list of best metros for flip gains.

Original Post: http://la.curbed.com/2016/3/21/11277536/best-los-angeles-neighborhoods-flipping

Flip in Los Feliz (2014): $200k Purchase to $929K Sale! Profit : $729K 

AFTER: Beautiful Right?

Original post: http://la.curbed.com/2015/5/20/9958378/200k-spanish-revival-mess-in-franklin-hills-remade-into-929k

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BEFORE: Crazy transformation right?

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