Average Salary of a Home Flipper
Most people want to know what their salary or pay grade will be before they accept a position within a company. Often times, when people venture out on their own, they have lofty dreams of working from the beach while earning a breezy six figure salary. While it’s possible, it’s not most entrepreneurs story. For most of us, we get what we give.
That said, we dug up some data from the first quarter of 2019 in an attempt to gain insight on how much the average house flipper is currently making. Turns out, it’s not too shabby. For starters, more people are jumping on the bandwagon because data shows the number of homes being flipped is up in over half the local markets.
Now we probably don’t have to tell you what this means but just in case, here goes. The increased volume of homes being flipped lead to an increase in loans being given. In fact, it reached a 12-year high and we’re happy to say as a private lender, we contributed to that!
Let’s get down to the nitty-gritty though, shall we? The average flipper made a $60,000 profit per house flipped. Additionally, they saw a 38.7% return on investment. However, the average flip took 180 days. Still, that’s not a bad yearly income especially given the median household income in the US is $52, 145.
In previous blogs we talk a lot about investment strategies and with that is how to move from wholesaling, to flipping, then on to building an entire portfolio. This means multiple projects at once and the potential for big income. Last, you should know that some markets are more lucrative than others. This is where it can pay to be well versed in what’s happening in other areas of the country as well as licensed in multiple states!
Brows our website or chat with Michael for more information on how to build a lifetime of wealth in this fast-paced and exciting industry!
*Attom Data Solutions