KANSAS CITY, Mo., Oct. 9, 2018 /PRNewswire-PRWeb/ -- Think Realty, the industry leader in real estate investor resources and education, published the list "Four Markets Ripe for Gut Jobs" in its October 2018 issue of Think Realty Magazine. The magazine looked at nearly 300 metro areas to identify housing markets that offered the most promising gut job deals. The criteria for determining these markets included cities with well-positioned, older housing inventory in high-demand geographic areas, the potential value increase for updated properties, area unemployment rates, incoming new employers and population trends. The full list, including information on each top market's statistics and trends, can be found at thinkrealty.com/gut.
Seasoned real estate investing professionals develop strategies based on their individual market strengths and challenges. Bryan Blankenship, owner at Ohio Turnkey, noted that his local markets do not have the after-repair values to support the cost of complete gut jobs in most cases.
Blankenship: "In nearly every situation when you completely overhaul a house, you need an ARV high enough to support a budget that will likely range between $80,000 and $150,000. That is for just about any property, no matter how inexpensively you bought it. In Toledo, for example, the properties we buy top out at about $125,000, so there is no way I would ever take one of those houses 'down to the studs' because the room for profit simply isn't there."
Investors who do not live in markets conducive to gut job fix-and-flips can expand to markets where conditions are ripe for this type of investing.
"It is imperative that real estate investors know how to evaluate their local markets, so they can make wise investing decisions," said Eddie Wilson, CEO of Think Realty and Affinity Worldwide. "If an investor's local market isn't right for gut job fix-and-flips, he or she can consider branching out to the markets where they are more likely to be successful."
Think Realty is a central education and information resource for new real estate investors and seasoned professionals, providing members with valuable tools that help them to optimize their competitive advantage, succeed in the industry, achieve wealth-building goals and live lives of purpose. Think Realty is part of Affinity Worldwide. More information about Think Realty and Affinity Worldwide can be found at http://www.thinkrealty.com/gut and http://www.affinityworldwide.com.
For additional comments or questions please call or email
Laura Chalk
PR Manager, Affinity Worldwide
816-398-4111 x 86172
[email protected]
SOURCE Think Realty
Share this article