The birthplace to seven presidents, twenty four astronauts and the small marvel of aviation, the state of Ohio is well known for its contributions to the United States. While the average revenue per flip ($54,000) is a bit lower than the national average, Ohio makes up for this with the sheer number of flips. In the last 12 months, there were approximately 4,493 flips in total, making Ohio one of the hottest markets for fix and flip investors.
Now let’s take a closer look at how to start flipping houses in Ohio.
Ohio House Flipping Stats
Median Purchase Price
Median Resale Price
Price Per Square Foot
Ohio Population Size
Median Household Income
High School Graduation
Travel Time To Work
Best Cities for Flipping Houses In Ohio
Safest Areas In Ohio
- Dublin – Safety Score: 88.53
- Parma – Safety Score: 86.93
- Miami Township – Safety Score: 84.37
- Strongsville – Safety Score: 83.93
- Kettering – Safety Score: 82.32
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 Ohio
- Find a property in Ohio 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 Ohio
1. Use FlipScout By New Silver
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 Ohio.
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 Ohio, 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.
Ohio Housing Market Analysis
House Flippers Are Selecting Mid Range Houses: There is only a small gap between the median home value in Ohio ($166,338) and the median resale price for house flips in Ohio ($173,390). This suggests that investors are generally focusing on the middle end of the market, choosing poorly maintained properties in good areas that may have a high resale value after the renovations are complete.
The Revenue Per Flip Is Higher Than Average: The average revenue per flip in the US is just over $60,000. In Ohio, this figure jumps up to $76,690. The net result is that you can be well rewarded if you focus on high ROI renovations and stick to the project budget and timelines.
Home Values Appreciated By 9.6%: According to Zillow, home values in Ohio appreciated by 9.6% over the last year. Moreover, home prices have been increasing steadily since 2013, and it is reasonable to expect homes to appreciate in value for the next 1-2 years.
Despite a minor setback to home prices when covid-19 first made its way to US shores, the property market has responded well to historically low interest rates. In essence, lowered interest rates have made homes in Ohio more affordable, leading to a definitive increase in demand. However, the supply of homes has yet to catch up to this increase in demand, which may explain the big increase in Ohio homes values over the last 12 months (9.6%).
Homes In Ohio Are More Affordable Than The National Average: The average home value in Ohio is $166,222. This is considerably less than the average home value in the United States, which is approximately $266,222.
The relatively low cost of homes in Ohio makes the market more accessible. You need less capital to get started, a condition which lends itself to first time flippers hoping to break into the property investing business.
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.
If you’re committed to flipping houses in Ohio, 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.