GRAND RAPIDS, MICH. - Real estate investors in Grand Rapids, commonly called home flippers, are getting national attention. The city ranked 7th nationally in "2017's Best Places to Flip Houses," by the personal finance site WalletHub.
"You can make upwards of $30,000-$40,000 on one flip," said Calvin Beeke, a local flipper.
WalletHub listed Grand Rapids as 29th in the nation for renovation and remodeling costs and 25th for market potential. Beeke said the costs can vary depending on the job.
"The dream flip is a couple-week turnaround where you're doing some simple things that still have a lot of value," he said. "[But] sometimes there's two, three, four, five dumpsters worth of junk that needs to be [removed]."
Grand Rapids has such a strong sellers market right now that flippers who want to get in are struggling to acquire properties, said Brad Baker, a realtor at Greenridge Realty.
"For those who can actually get their hands on a property and do a remodel, it's an ideal situation to flip a house and get top dollar," Baker said.
Beeke said contractors and inspectors are so busy that flippers have to be careful when purchasing properties, because they run the risk of missing faults.
"When you do make [a good profit], it's the reward for the risk that you took and the surprises that you didn't encounter," he said.
Home flippers can maximize that reward by fully understanding the area, Baker said.
"It takes knowledge of those local areas to be able to analyze the core data...then be able to look at someone and say 'this is what I can sell your house for,'" he said.
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