With house flipping shows on every home improvement network, it’s fun to watch those makeovers and dream about earning your own big profits that those house flippers seem to be getting.
While fixing and flipping a house is an exciting prospect with the potential to earn tens of thousands of dollars in profit, it’s also a risk. Not everyone who invests in a low-cost property will pocket the $63,500 the average gross flipping project brought in the first quarter of 2021.
Results can vary depending on the market, with some cities better than others. And, successfully flipping houses is a lot trickier than it looks on television. There are many things that can go wrong, from unexpected expenses for major repairs to the local economy crashing. If the home doesn’t sell quickly, you’ll have to keep making those loan payments which eats into the profits too.
If you think you’re ready to take on this venture, you’ll want to buy in one of the best places to flip houses. While that can change from year to year, these cities are currently among the top spots to consider.
Columbia, South Carolina
Columbia was recently named the No. 1 in the nation for house flipping by 24/7 Wall St with the median profit on a home once it’s flipped at $61,667, or about 22 percent of the median list price of $275,000 for a house in the city. With the rise in population in South Carolina’s capital in recent years, there’s been a big demand for housing while the cost of living and taxes are low compared to many other regions in the country.
Millennials and families who want to live in a bigger city but need to make their dollar stretch farther have been drawn to moving here. While there has been an uptake in new construction, there are plenty of “dirt-cheap” homes that can be fixed for a profit. Those who buy low and make improvements that appeal to the target market should get better-than-average returns, making it a must to search through the Columbia houses for sale.
Sioux Falls, South Dakota
There have been multiple studies on house flipping using various types of data, so not all agree on the very best city to flip a house. WalletHub named Sioux Falls as the top spot in the country thanks to its high home turnover rates, low home remodeling costs, and good quality of life. It’s been named among the top flipping markets for several years now with the increase in jobs and small-town feel attracting a steady stream of renters and homebuyers.
Rapid City, South Dakota
On the western side of the state, Rapid City is another one of the best house flipping markets thanks to home values, market conditions, and its close proximity to multiple national and state parks. It’s a hot tourist spot at the eastern edge of the Black Hills making it ripe for turning homes into Airbnb rentals.
This western Montana city is surrounded by wilderness with a long list of outdoor adventures available as well as being home to a university, a growing music and food scene. It’s very promising for house flippers who want to rent out their finished properties with home prices on the rise.