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Required Reading: Flip Those Homes!

  • April 1st 2009

by Mark Wellborn

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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 http://dc.urbanturf.production.logicbrush.com/articles/blog/required_reading_flip_those_homes/743.

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