Anyone who watches HGTV knows that flipping houses is once again a lucrative way to make extra money. The concept of buying an outdated home, renovating it, and then selling it for profit caught on big about 15 years ago but came to an abrupt halt when the market crashed in 2008.

Now the market is rebounding, and Chicago is a good place to be.

The Chicago area ranks as the 20th-most profitable market in the country right now. The gross profit for homes flipped is $81,162—not too shabby.

Wilmette and Avondale top the list of the most lucrative places in our area for home flippers. In both towns, flippers grossed profits of more than $200,000.

The gross profit figure is the difference between the purchase price of a home and the sales price of the home post-flip. It doesn’t account for all the costs spent on the rehab.

According to Crain’s Business Report, flippers' gross profits nationwide were $62,624, which is the highest going back to 2000, the earliest year for which it has data.

Elmhurst is definitely seeing an uptick in the once-popular flipping area. If this is something you’d like to try, contact us to find a condo, townhouse, or house to flip! Reach us anytime at (630) 441-5570 or via our website, www.gmregroup.com.