Best places to flip houses in Tennessee
Are you looking for a house to invest your money and make some profit? Considering Tennessee as your potential state where to flip houses may be a good choice. Tennessee a good market for house flippers. But only if you choose the right place in Tennessee. Because it has many different cities where you should invest your money and places where you shouldn’t. This is why you need to research places to flip houses in Tennessee first and to explore a real estate market and trends.
A list of top places to flip houses in Tennessee
Working in the real estate industry may give you a big profit, buying a house in the US and then selling it for a higher price requires researching and investing. The median home price in TN is around $167,000 which is very affordable for the US standard. Prices are going up, and that is good for you as a flipper. In the last year, prices have gone up by 8% and since 2016, the Tennessee housing market has been hot. But, home prices are real estate trends depends on the city.
- Memphis – this city has the highest percentage of flipped houses in TN. Almost 12% of houses were flipped before 3 years. Choose the right neighborhood in Memphis, such as Germantown. Germantown has to offer many services to potential residents who want to move here.
- Clarkesville – many millennials are moving to Clarkesville. It is because of the strong economy and job market, and 10% of houses were flipped in 2016. Military families also tend to move here.
- Nashville – 7.1% of houses were flipped in Nashville and in the last year flips have been slowing in Nashville, but if you put in some effort you can still make money. It has been one of the best places to flip houses in Tennessee, and professionals say that his city will be on the top again.
- Chattanooga – in the last few years, this city is transforming into one of the south’s major tech hubs and that is why many people are moving here. A company Spyder Moving Services is moving people to Tennessee and they are very busy which is a good sign that a lot of folks are moving here to start a new life.
How to turn a profit?
Yes, you should listen to your gut when buying a house. But also, you need to evaluate a house before making an offer and to research a real estate market. Flippers say you shouldn’t pay more than 70% of the homes after repair value. to make a profit.
The formula to calculate a profit – take the investment’s current value, subtract the investment’s cost and then divide by the investment’s cost. After choosing one of the places to flip houses in Tennessee, set a budget, and consider renovation projects.