Home Flipping Profits are Increasing

Despite facing challenges such as low inventory, high prices, and elevated mortgage rates, the real estate industry has found a silver lining in the form of home flipping.

According to Attom’s first quarter report of 2024, investors in this segment are experiencing higher returns, with the average gross profit reaching 30.2% from January to March. This is a significant improvement compared to the previous year, where margins hit a ten-year low of 25% in the first quarter of 2023.

Overwhelmed with where to even start on your renovation loan? We’ve got your back. There are 4 first steps to get started:
  • Know Your Budget: start the prequalification with a USA Mortgage local lender to determine your budget.
  • Narrow Your Search: Start looking at homes that meet your requirements – unit count, lot size, and location. Bridge the market options and your home goals and connect with your consultant to determine feasibility.
  • Prepare for Underwriting: Once your offer and bid are finalized, allow time for your mortgage to be processed and underwritten.
  • Close and Start Your Project: With homeowner and lender approval, a contractor may be eligible to receive funds at close to help get the project started. We’ll go over this with you and your contractor long before the closing table!

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