It’s still popular to flip homes in Las Vegas. In fact, it’s considered the second most popular city to do this, according to one report.
But it’s not easy, especially when you see sometimes what you’re dealing with. But if you have the money and the patience, you may be able to flip a home, that is: fix a home up and quickly sell it for profit. However the market is changing.
On the outside a house near Nellis and Hacienda Avenue doesn’t look too bad, but it definitely needs work on the inside.
“Everything needs to be changed and gutted and put back together so a great opportunity to make some money into it and make some money on the return,” said realtor Bryan Gwynn of Real Estate by Design.
Gwynn says this house is in the process of being “flipped” for profit.
But this is not the same kind of frenzy we’ve had in previous years.
According to Realty Trac, last year more than 4,300 homes last year were flipped in the Valley. That’s down from 21 percent from the year before.
Still, the market is appreciating right now, and the inventory is low, which is why many see it as an opportunity.
These days, he says many investors are coming in from California, even from out of the country to take advantage of the venture
“So now is the perfect time to buy a house, fix it up, place a renter in there and then sell it next year, and get some continuing gains and appreciation we're seeing today,” Gwynn said.
Gwynn says it’s possible to make $20,000-$40,000 more by holding on.
As for the house near Nellis and Hacienda, the new owner could pour anywhere from $15,000 to $25,000 to into much needed renovations, but in the end, it could not only be a gain for him…
“…but in the end it's going to be a beautiful home and a great place for a family to stay and live,” Gwynn said.