If you're looking to flip a house and don't know where to start, a new study shows that the New York metropolitan area is an excellent place to begin your adventure.
According to a report by 24/7 Wall St. that uses RealtyTrac's house flipping data from the first half of 2012, of the nation's top 500 metro areas, flippers in the New York area generated the highest gross profit. In fact, the Big Apple and its surrounding cities generated over 25 percent more gross profit than the second best area for house flipping: Lake Havasu City-Kingman, Arizona.
The New York-Northern New Jersey-Long Island, New York-New Jersey-Pennsylvania Metropolitan Statistical Area covers a large portion of the Northeast, which means tons of opportunities for investors. And not just opportunities, but actual payouts.
In the first 6 months of the year, house flippers in the New York metro area saw an average gross profit of $118,376 per flip. There were a total of 949 homes flipped at an average price of $441,910. We expect these numbers to rise as the housing market continues to improve.
Even though it may be difficult for real estate investors to travel across the country for projects (logistically speaking), doubling or even tripling one's gross profit by flipping homes in the New York area is well worth it.
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