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You can make $110,000 flipping houses, 10 best states to turn a profit - Insource Funding.

Updated: Sep 14, 2019

By Sean M. Carter CNBC / Insource Funding





When it comes to flipping a house, location matters: Your profit could depend a lot on what state you’re in. If you’re west of the Mississippi River, for example, you may find it more difficult to make money, since properties tend to stay on the market longer. If you choose an East Coast state like Maryland or Pennsylvania, on the other hand, you may have a quicker turnaround and get more bang for your buck: The average profit you can make there is almost $110,000.


That’s according to financial website GOBankingRates, which analyzed data from real-estate site Zillow and property-data warehouse ATTOM, to find the top 10 best — and worst — states for flipping houses.

The data evaluates median house listing price, the average number of days it takes to flip a house, average gross profit on flipping and average gross return on investment.

Based on those metrics, here are the top 10 best places to flip a house:



1. Tennessee

Average house listing price: $268,692 Average time to flip: 147 days Average profit: $57,600 Average ROI: 132.7 percent


2. Pennsylvania

Average house listing price: $224,090 Average time to flip: 199 days Average profit: $105,190 Average ROI: 162.4 percent


3. New Jersey

Average house listing price: $372,916 Average time to flip: 207 days Average profit: $102,300 Average ROI: 141.6 percent


4. Louisiana

Average house listing price: $232,610 Average time to flip: 166 days Average profit: $71,866 Average ROI: 104.2 percent


5. Colorado

Average house listing price: $538,477 Average time to flip: 176 days Average profit: $74,300 Average ROI: 155.6 percent


6. Maryland

Average house listing price: $369,454 Average time to flip: 198 days Average profit: $109,617 Average ROI: 109.6 percent


7. Virginia

Average house listing price: $341,015 Average time to flip: 184 days Average profit: $91,783 Average ROI: 99.3 percent


8. Florida

Average house listing price: $406,803 Average time to flip: 151 days Average profit: $59,917 Average ROI: 83 percent


9. Illinois

Average house listing price: $277,163 Average time to flip: 196 days Average profit: $77,317 Average ROI: 110 percent


10. Kentucky

Average house listing price: $213,848 Average time to flip: 172 days Average profit: $55,241 Average ROI: 107.8 percent



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Insource Funding, located in Boca Raton, Florida, is a hard money lender providing fast and flexible financing for Non-owner occupied investment properties nationwide with the exception of Tennessee and Ohio.  (Insource Funding. 433 Plaza Real, Ste. 275 Boca Raton, Fl 33432) makes and acquires business purpose loans only, and does not originate or acquire owner-occupied residential mortgage loans. Information, rates, and pricing are subject to change without prior notice. All loans are subject to borrowers and underlying collateral meeting Insource Funding's current underwriting criteria. restrictions apply.

 

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