Required Reading: Flip Those Homes!
Ruth Samuelson at the City Paper has an interesting story in this week’s issue about Express Homebuyers, a company that buys, renovates and flips homes in the DC area. The Springfield company sold about 100 properties in 2007, 80 in 2008, but projects that it will sell 130 in 2009. Founded in 2003, it has successfully flipped 500 homes since its inception.
While it sounds like a serious money-making business, things have changed in the past couple years. From the City Paper:
“On average, the company makes about $35,000 to $40,000 per sale after construction costs are removed, but not before office costs are taken out, says [co-owner Jud] Allen. So the take isn’t as huge as it might have been in, say, 2006, but there are several properties in play.”
For the full article, click here.
This article originally published at https://dc.urbanturf.com/articles/blog/required_reading_flip_those_homes/743.
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
When it comes to financing a home purchase, a 30-year mortgage is one of the most com... read »
Pocket listings are growing in popularity in the low-inventory market in the DC regio... read »
Margarite is a luxury 260-apartment property known for offering rich, high-end reside... read »
The owner of 700 Monroe Street NE filed a map amendment application with DC's Zoning ... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro