Real Estate Wholesaling Is For...Billionaires
New data reveals who the biggest house flippers and real estate wholesalers really are…
There are a lot of misconceptions about flipping houses, and wholesaling in particular. The industry and gurus are often a big part of this. When many people hear “wholesaling” or “flipping houses” they now think of fraud, Vanilla Ice, infomercials, “no credit, no money, no experience,” promises offering newbies the chance to make big money fast in a couple hours a week. These things are not necessarily totally incorrect. But the numbers over the last 12 months show quite a difference between perception and reality.
2015 stats and transaction data sets from Property Shark show celebrities renovating and flipping luxury houses, hedge fund managers turning over prime properties for millions in profit, and top executives putting their cash into real estate, and reselling repeatedly.
There is no question that wholesaling real estate can be a great way to enter the game, and to start hacking your way to better finances. But it is not just for newbies, or those trying to break their way through from the minimum wage or middle class rat race. It can be a great full time and long term business and investment strategy. Even for the 1% it is proving to be a highly desirable way to augment careers and other efforts to generate income and wealth.
For the sophisticated individual flipping houses provides essential diversification, big leaps in wealth and net worth, a solid asset when other things aren’t going as well as planned, and it’s fun. This is not a strategy that just yields a few thousand dollars to amateur middlemen. Consider that prices in 3 New York City neighborhoods leapt up by $3M in the last 12 months. Previous data from RealtyTrac has shown average profits from flipping houses in some US cities averaging $60,000 to $100,000. That’s just pennies compared to some of the high-end luxury flips happening in LA and NYC. Some are being flipped for tens of millions of dollars, and when it comes to commercial real estate; even a hundred million or more in profit.
Hedge fund managers, CEOs, talk show hosts, and actresses are flipping houses, condos, and co-ops in top markets, and others are turning over pools of single family rental homes. The main difference in their strategies, aside from the price tags, are the use of professional designers, and real estate agents, and leveraging the protections of LLCs. They take this business seriously, and that seems to be paying off, big time.
Authored by Best Transaction Funding BestTransactionFunding.com is the leading source of transactional funding and hard money loans for real estate wholesalers in the US, where 100% financing, and saying “Yes” is what we love doing all day long.
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