A recent U.S. Home Flipping Report finds that the number of homes being flipped has dropped. A home flip is considered a property that has been sold in an arms-length sale for a second time within a year. Florida saw the largest drop in home flips, yet four cities within The Sunshine State remained within the top ten of metro areas with the highest flipping rate, with the city of Miami coming in at number nine.
Homes that were flipped during the third quarter of 2016 sold for about $190,000, with an average flipping profit of $60,800. That represents a decrease from the average gross flipping profit of $62,424 during the second quarter. The average gross flipping profit resulted in an average gross return on investment (ROI) of just over 47 percent of the purchase price.
If you’re interested in property flipping and need money quick for your flipping project, contact M&M Private Lending Group, LLC. Our hard money loans require no credit checks and we can get you the money you need in just days.
This update is brought to you by Michael Internoscia, Principal Broker and CEO of hard money lenders Florida company M & M Private Lending Group. We have over three decades of experience specializing in private money real estate loans and we pride ourselves on providing our esteemed clients a service that’s personalized while delivering low rates and closing costs. We also offer mortgage note investments and have worked extensively with brokers and affiliates. Call 305-363-7169 or 954-445-4434 to speak with a lending representative about our Florida private loans or visit our website at https://mmprivatelending.com to fill out an application form.