Should You Be Flipping Houses?

The CityLab Blog says now is the time to get rich:

[P]rofits for flipping are as high as they've ever been. In the third quarter of 2014, investors on average saw a 36 percent gross return on their investment (not including some costs, including rehab costs). That's down from the average gross one year ago (37 percent) but still quite high, historically.

"The record-high average profits per flip in the quarter demonstrate that flippers are still filling an important niche in an aging housing market with historically low levels of new homes being built," said RealtyTrac Vice President Daren Blomquist in a release. "The most successful flippers are buying older, outdated homes in established neighborhoods and rehabbing them extensively to appeal to modern tastes."

That means that the buyers still flipping properties in places like Miami, Los Angeles, and New York are making a killing at it.