The state of Georgia is famous for its friendly people, deep connections to the civil rights movement, and being the country’s top producer of peaches, pecans and peanuts. By US standards, the cost of living is relatively low, and homes are generally pretty affordable as well.
Georgia also has a strong labor force, with the unemployment rate dipping below 3.5% in recent years. Affordable housing, high employment figures and low cost of living are all attributes that should be favorable aspiring property flippers. Ultimately, the economy of Georgia is healthy, and there is a big demand for housing. Now let’s take a closer look at how to flip houses in Georgia.
Georgia House Flipping Stats
Median Purchase Price
$107,020
Median Resale Price
$186,680
Average Revenue
$79,660
Price Per Square Foot
$123
Population Size In Georgia
21,477,737
Median Household Income
$53,267.
High School Graduation
88.0%
Travel Time To Work
27.4 Mins
Best Cities for Flipping Houses In Georgia
- Atlanta
- Augusta
- Columbus
- Macon
- Savannah
Safest Areas in Georgia
- Peachtree City – Safety Score: 90.36
- Johns Creek – Safety Score: 88.38
- Milton – Safety Score: 87.48
- Kennesaw – Safety Score: 84.08
- Roswell – Safety Score: 83.85
Please note – All the statistics in this article are based on 2020 data. You can view the data sources at the bottom of the article.
The Basics Of Flipping Houses In Georgia
- Find a property in Georgia that is undervalued
- Source funding from a reputable lender
- Buy the property for a price that makes it possible to generate profit when it is resold
- Complete renovations that will increase the after repair value
- Find buyers for the property and sell it for a healthy profit margin
How To Find Houses To Flip In Georgia
1. Use FlipScout By New Silver
FlipScout is a free tool that helps you find most profitable real estate investments using data and intelligence. Find a property to flip or rent out anywhere in the country.
- Free to use
- Works for flips and rentals
- Get alerts to your inbox
- Calculates rehab costs automatically
- See ROI and rental income instantly
- Aggregate results from various sources
2. Leverage The Power of Wholesalers
Finding a good wholesaler can be very rewarding for a property flipper. Wholesalers tend to have access to all the most relevant property databases, and they often have unique personal networks. By using a wholesaler, you effectively gain inside access to their knowledge of properties in Georgia.
3. Attend Bank Auctions
Bank auctions often present opportunities to purchase properties below their market value. This is mainly because banks hold these auctions in order to sell the properties as fast as possible. If you attend bank auctions with a clearly defined strategy, you can potentially walk away with a new property that fits in perfectly with your investment portfolio.
4. Use Direct Mail To Find Off-Market Properties
Although it is considered an old school technique, direct mail can still yield positive results for house flippers. Direct mail has been shown to have a higher response rate than email, and numerous studies have shown that people actually enjoy checking their mailboxes. More importantly, you might be surprised by how many people have considered selling their homes. Your letter could be the trigger that they have been waiting for.
5. Sign Up To The Multiple Listing Service (MLS)
Even though MLS listings can be competitive, it is still a good avenue for finding properties to flip. The MLS is literally a database created by real estate agents, and it is filled with property details and statistics that can help aid your research process. There is a fee involved, but one deal is all you need to comfortably cover the costs.
6. Find Foreclosures
When properties fall into foreclosure, the primary goal of the loan originator is to recoup any potential losses. This is good news for house flippers, because properties in foreclosure often sell for less than their market value. If you are able to locate foreclosure opportunities in Georgia, there’s a good chance you will be able to purchase a property for less than its market value. This is why foreclosure can serve as a great platform for a potential flip.
Georgia Housing Market Analysis
House Flippers Are Focusing On Lower End Houses: There is a gap between the median home value in Georgia ($223,945) and the median resale price for house flips in Georgia ($186,680). This indicates that house flippers are generally focusing on the mid to lower end of the market where it may be more common to find poorly maintained properties that are desperately in need of renovation.
Home Values Have Appreciated By 9.2%:According to Zillow, home values in Georgia appreciated by 9.2% over the last year. Moreover, property prices have been steadily increasing since late 2012.
Despite taking a small dip when covid-19 first arrived in the US, the Georgia real estate market has responded well since then. Historically low interest rates have increased demand for homes, while the supply of houses hasn’t increased proportionally. This is a recipe for continued home appreciation, at least in the short term.
Unemployment Rates Are Low: States with low unemployment rates are often very attractive to property investors. Low unemployment is a good indicator of a healthy economy, and it generally means that there is a strong labour force that needs housing. This means that there is a strong demand for rental properties and property ownership, and this can play into the hands of a house flipper. If you can secure a run down home in a good location, it should be reasonably easy to sell after renovations have been completed.
Homes In Georgia Are Cheaper Than National Average: The average home value in Georgia is $2223,945. This is significantly lower than the average home value in the United States, which is approximately $266,222.
The lower cost of homes in Georgia is good news for first time flippers, because it reduces the amount of capital needed for a down payment and the total loan amount needed to purchase the property. In other words, the barrier to entry in Georgia is quite low, and this bodes well for beginners.
Apply For An Investment Property Loan
If you’re ready to start your house flipping journey, New Silver Lending can provide the capital you need to fund your first flip. We offer ultra fast hard money loans with competitive interest rates and quick closing times. The entire application can be completed in less than 10 minutes.
Next Steps
If you’re committed to flipping houses in Georgia, the next step is to invest time and energy into finding the best possible property. We have outlined a number of methods in this post, and all of them can potentially bear fruit.
Once you have identified a property, using a reputable Hard Money lender like New Silver can help accelerate the house flipping process. Our company is built on speed, efficiency and user-friendly technology. The online application can be completed in less than 10 minutes, and we offer instant proof of funds letters to all of our clients.
Property Flipping Resources
Hard Money Loan Calculator: Analyze the costs of your next flip in detail with our hard money calculator.
ARV Calculator: Workout the After Repair Value of the property that you are hoping to flip.
