Flipping houses in Ohio
It is easy to focus in on well-known markets like Chicago and New York for house flipping, but don’t discount the existence of lesser known but incredibly profitable markets as well. One market such as this is Dayton, Ohio. Here are some reasons why you should choose Dayton, if you are interested in flipping houses in Ohio.
A Town with History
When you know the history of Dayton, it is really no surprise that the city boasts a healthy real estate market. Dayton is a town heavily associated with inventions and aviation, due to it being the birthplace of Orville Wright and the home of powered aircrafts. Site Selection magazine ranked Dayton three years in a row as the number one mid-sized area in the nation for economic growth.
With accolades like that, one can see why real estate would be doing so well in a city like Dayton.
Impressive Real Estate Market
In 2015, a Home Flipping Report said that Dayton offered the second best profit returns in the country for house flippers, trailing just behind Chicago.
One of the appeals Dayton has to offer investors is drastically lower entry prices than other markets. This is due to a high number of distressed properties in the city that make it easy for investors to get them at a very low price. In some cases, investors have been able to purchase properties there for almost 50 percent below market value.
As with any market, even the best ones, Dayton comes with its own risks and challenges when purchasing fixer-upper properties. Even so, realtors and investors alike agree that it is one of the best markets in the country.
Lot Links Program
In addition to that, the city of Dayton offers something else that could be of interest to investors: The Lot Links Program.
The Lot Links Program is described as a partnership between individuals and the city to provide a way to bring abandoned, tax-delinquent properties back to productive use. In other words, it is a program offered by the city that helps investors acquire properties to renovate. In return, the city gets to see the once dilapidated properties brought back to life.
Dayton even offers an online tool where investors can search for properties that meet this criteria and that they are interested in renovating.
Once the investor finds a property they want, they will then pay a small deposit and submit an application for ownership of the property to the City of Dayton. In the application, they will have to explain exactly what they plan to do with the property and where the resources will come from.
Once this is done, the process of checking the property to make sure it meets regulations of the program and then foreclosing will begin. All back taxes are removed from the property and, once the process is complete, ownership is transferred to the applicant.
While most people who have participated in this program seem incredibly satisfied with it, there are some drawbacks. For one, the entire foreclosure process and then the transfer of the property to the applicant can take up to 15 or 20 months to complete.
Many people who have used the program have expressed frustration and impatience that it takes so long to get the properties they want. City officials have said that they wish it could be faster, but it is not right now due mostly to large amounts of paperwork and a large number of applications coming in throughout the year.
Even with the frustration of waiting longer than most would like for ownership of a property, there is still a huge benefit to a program like this. Dayton is definitely one city investors don’t want to overlook.
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