Best places in Massachusetts for Fix and Flip Investing

Great opportunities for flipping homes can be found all over Massachusetts, here are a few of the best cities to flip a house based on home values and growth. 

Flipping Houses in Northampton MA.

The city of Northampton Massachusetts is great for flippers, , with its $478,000 plus average home value — thats up a whopping 15.0% year over year. The average house sat on the market for 21 days and although a small city growing by over 30% year over year. 

New Bedford Massachusetts

The home of Ford remains a great place to invest. Coldwell Banker in 2023 the median hom price in New Bedford Massachusetts was $389,900, The population currently at $101,000+

Plymouth

Plymouth Massachusetts information for house flippers in Massachusetts, with a median house value of over $550,000 — up over 10% with a modest population of $65,000+

Fall River Massachusetts

Ford also recommends Fall River as a favorable location for flipping houses. The median home value is currently $377,000 up 4.6% from December 2021. Also promising for home flippers is Fall River’s population, which is growing at a rate of 0.54% annually and currently sitting at just under 100,000

Winchester Massachusetts Fix and Flip

Close to the downtown area of Boston and named the best town to live in Massachusetts, Winchester offers a lot for families and employment. A great place to flip properties with a growing population and workforce. 

South Yarmouth

South Yarmouth has a median home price of $552,657, which is up an attractive 10.7% from December 2021. The cozy population of 12,000 is growing at a comfortable rate of 0.52% annually, making this a city worth looking at for flipping houses in Massachusetts. This area is also serviced by commuter rail from Boston, which Ford says helps increase home value.

Cambridge Massachusetts

How To Flip A House in Massachusetts 

Create your network and evaluate your skills

Develop a network of professionals to help you flip. Even if you’re handy around the house, evaluate your skills honestly. For some projects, particularly electrical and plumbing, you’ll need an expert. For any additions you will need a local, dependable contractor.

If you are flipping a house and have not pulled permits properly you can be fined and a sale may be stopped until an inspection can be done and fines paid. 

Put together a network of licensed professionals before you start looking for houses. You’ll more than likely need a real estate agent to help you find a home and they are a great resource to help you find the local resources you will need to help you on your jouney. 

Develop your Flip budget

Most fix and flip loans only allow for a 75% ARV that is that the after repair value, arv of the house will have at least 25% equity after the purchase and rehab are completed. Prepare your budget for repairs honestly and leave 10-15% for reserves in the event of cost overruns. If you are taking out walls or floors you never know what will pop up.

Fix and Flip Budget Items

• Down payment and closing costs 
• Home inspection fee
• Mortgage payments (The faster you complete your flip, the less this will cost), property taxes, and insurance fees for every month you’ll own the property
• Contractor fees
• Permit fees
• Utilities while you own. 
• Marketing fees, such as a staging and professional photographer. 
• Real estate agent fees to sell the property.

It is important not to over improve your investment. Focus on area comps and see what is selling in the area you are investing in. I would even suggest going to any area open houses to see what is selling in the neighborhood. Paint, Flooring, Landscaping and staging can add a lot to the price of a home . for more information contact www.CambridgeHomeLoan.com. A Hard money lender Massachusetts for over 25 years, we can help guide you with your 1st or 21st investment property. To get started with your fix and flip loan massachusetts or your hard money loan.