Silver Lake made the top ten hottest neighborhoods for home flips in the US.

Silver Lake is one of the three Los Angeles neighborhoods that has the highest markups for flipping houses in the US last year. (A flipped house is a property that is bought and resold within a year and was resold for at least 10% higher than the original purchase price.) Flipping report provided by Redfin ranks Silver Lake as the third hottest neighborhood in term of the gains made by investors. Flippers in Silver Lake saw average gains of $307,000 on house flipping last year, while in the combined markets, flippers gained an average of $102,400 per home. The average flip in the Los Angeles Metro Area gained investors $138,500 over the original price which is enough to rank LA the sixth on the list of best metro areas in the US on flip gains. However, keep in mind that the “gains” are not exactly profits since the original purchase price doesn’t include any renovation or maintenance cost that investors might have paid after the original purchase. There are also other fees and taxes involved for both initial purchase and resale. All these can eat into the profit margin.

Source: Which Neighborhoods Are Hottest for Home Flips?

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