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House flipping puts Jacksonville on the map

6:07 PM, Jul 26, 2013   |    comments
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JACKSONVILLE, Fla. -- Once it was foreclosures. Now, house flipping is putting the city on the map.

RealtyTrac ranks Jacksonville as the eighth hottest market in the country for distressed homes being flipped for a profit that averages $20,000.

"We are doing 8-10 flips per month," said Andy Allen with Corner Lot Properties. Allen has been flipping homes for the past six years.

He is not surprised Jacksonville is ranked so high. Allen said demand for homes is there plus investor money is being funneled into the city.

John Whaley has been working construction for three decades and is busy rehabbing homes. He is grateful there is once again a lot of work in this line of work.

"It's probably better than the last five years," said Whaley, who hangs Sheetrock.

According to RealtyTrac, Daytona Beach is the hottest market for investors who are rehabbing distressed properties. Altogether eight Florida cities ranked in the top 15 nationally.

First Coast News

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