The new Q2 2023 U.S. Home Flipping Report from ATTOM shows investors typically made a gross profit of about $66,500 on flips during the second quarter - an increase of 18% over Q1. “Fortunes for investors who flip homes for quick profits are showing more signs of turning around …,” said Rob Barber, CEO for ATTOM.
A new article on builderonline.com urges builders and developers to consider multigenerational housing needs as demographics shift in the US. Rodney Harrell, vice president of family, home, and community at AARP’s Public Policy Institute, is quoted as saying, “Thinking about aging is the future of the building industry.”
Not everyone wants a condo in FL - most older adults says they want to age in the community where they already live. A Census Bureau report on housing found only 10% of homes are “aging-ready” - i.e. have single-floor living possibilities and bathrooms with accessibility features. They also predict that by 2034, we’ll have more adults age 65+ than children. Something to consider in your building and reno plans!
Our own Susan Naftulin and John Santilli have been invited to speak at the East Coast’s biggest private lending conference, “Leverage West Palm Beach.”
This year’s conference will be on October 4-5 at the Hilton West Palm Beach, in Florida. Susan will be participating in the “Power Panel” on Creating and Navigating your Debt Fund on October 5th at 9:45 a.m. RFG’s John Santilli will be at the conference too, speaking at the Leadership Forum.
Industry insights, expert tips, and proven strategies! Debut webinar: Wednesday, Oct 25, 2023 at 1 P.M. EDT Brian Mingham and Rick Sharga will be sharing their unique expert insight regarding many topics critical to achieving success in the world of real estate investment. Topics will include an overall view of the current market, housing supply and interest rates plus the key elements to successful construction management such as how to establish and manage your rehab or build project budget. In addition, they will be answering many of your REI questions.
“The more trustworthy people you have on your side, the more likely you are to be successful” — Anna K.
100% Premier Loans from RFG that cover all renovation costs. NO DOWN PAYMENT means more cash in the real estate investor’s pocket!
Here’s an example of how it worked for an investor rehabbing a single-family home in New Jersey, using an RFG Fix-to-Flip Loan.
The home had good bones but needed updating.
With the loan covering rehab costs of $131,670 this couple - who had already flipped six other properties - went to work!
They updated the kitchen with new floors, cabinets and appliances. Plus they took out a wall to provide better sight lines from the kitchen into the living area. New bathroom fixtures, tiling, floors and paint were also part of the rehab.
Appraisal Value after Rehab increased to $670,000 from $405,000!
Results:
The newly-renovated home sold for $700,000, netting the couple $100,000 in profits
