Report: Cleveland in top 20 markets for house flippers

Report: Cleveland in top 20 markets for house flippers

A new report from a housing data provider shows that if you are looking to invest in real estate, Cleveland is one of the top places where you'll get the highest return on your investment.

RealtyTrac's Q2 2015 U.S. Home Flipping Report says the average return on your investment in the Cleveland area is 51 percent. 

The Old Brooklyn neighborhood is a shining example of a place where an investor may want to buy.

"We see all the time that homes are going up in value, along with schools and safety, and all these different things that are happening in Cleveland, like we haven't seen in two or three generations. There's a lot of truth to that," said Jason Powers, of the Old Brooklyn Community Corporation.

Flippers have many reasons for excitement in the Cleveland area, but don't use the word "flip" with Mark Lastition, manager of Howard Hanna's Cleveland office.

"I think flipping has a lot of negative connotations. It's about people trying to make quick, easy money. Renovating a house is neither quick, nor is it easy. You have to take time to find the right house. You have to be willing to invest the time, the effort and the money," explained Lastition.

Those who want to turn a home for profit need to be aware of what renovations will need to be done to make the home appealing to another buyer. That being said, top producers in Cleveland real estate say there's no doubt home values are going up near where they were in 2005. 

"I've had clients that purchased a condo three years ago for $150,000 and sold it now for $210,000. So, people are paying top dollar to live in these very desirable, up-and-coming areas," said Kristin Rogers, a realtor for Howard Hanna.

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