Not too long ago, a friend from Illinois came to visit me here in Cincinnati. She had never been here before, and when she got to my house, she had a few questions. One is why I never told her that Cincinnati was so lovely. And, two, hadn’t she just driven in and out of Kentucky? Aren’t we in Ohio?
Those questions kind of sum up the secrets and promises of the Queen City. It is a surprisingly beautiful area, with hills carved out by the Ohio River, scenic bridges, and a gentle but proud skyline. And, you’re still in the Cincinnati region—even in Ohio, Kentucky, and Indiana.
Those two factors make a big reason why the real estate investing market here is so enticing. Our city is, as my friend discovered, a hidden gem. But, there’s no secret to what it takes to start flipping houses here in Cincy. It’s all about elbow grease, focus, and a bit of know-how. If you are looking to step into the ring, I’ll share the know-how part.
Why Flipping Houses in Cincinnati is Prime Right Now
Cincinnati used to be a byword for bad economy. As trade markets became global, its status as an industrial port town began to decline. I won’t sugarcoat it—the city suffered. The downtown seemed tired. And, the Bengals were terrible.
Well, a lot has changed. We’ve become a more diverse economy, with a growing healthcare sector attracting new workers. There has also been a resurgence in shipping and more blue-collar jobs coming back. The city wants to attract more lower-wage workers and not become a city that prices out all but the wealthy.
Things feel different. You don’t have to go to Newport to have fun. The downtown and river areas are bright and hopping. And, the Bengals are…mediocre—which is an improvement, I guess.
All of this means that the housing market is becoming more competitive. There have been more people looking to buy at entry-level and at higher price points. Renters have been turning into buyers. As a result, we’ve seen significant local home price jumps recently. Flipping a house, or holding onto it for rent in Ohio while times are uncertain, could potentially be a great move. A great move, that is, if you have the tools you need.
The Tools It Takes For Flipping Houses in Cincinnati
There are actually a lot of people who think it is easy to get into house flipping and turn it into a successful career. After all, you just buy houses at a low price and sell them at a higher price. Easy!
Of course, it’s easier said than done. There’s essentially three areas that you need to have covered to achieve your goal of flipping houses here in Cincinnati.
It is really important to have expert training and mentorship. The truth is, no one knows everything. But having one-on-one mentorship with someone who understands how to flip houses can be a life-saver.
If you are trained on real estate trends, how to make offers, the best way to talk to people, the ability to predict what neighborhoods are good, and other things, you have a better chance at success as your real estate investing career starts. That’s hugely important, and it continues to be important throughout your career. I know I greatly value having smart people I can bounce ideas off of.
Another big part of real estate investing effectively is getting good leads. There are a lot of ways that some investors try to get leads in Cincinnati, including Ohio sheriff auctions, real estate clubs, and even going door-to-door to see if people want to sell.
But, there are good ways to get leads and less good ways. The problem with auctions, for instance, is that you have a lot of competition, which makes it harder to buy. Going door-to-door makes it hard to establish trust. The ideal leads are ones with low competition and higher chances of closing the deal.
This is a money business. You usually need hard money loans to buy a property, and that means you owe money. So, you have to be pretty confident about your valuation of the house and what you’ll be able to sell it for. Having access to some of the best valuation tools in the industry helps you understand the risks and potential rewards.
I mean, that’s the entire business: working so that the rewards are more than the risk. That’s not always the case, and it’s never easy, which is why you want all the possible tools at your disposal.
The Best Way To Flip Houses in Cincinnati
For years, I worked to get the best training, leads, and tools to be a success. It wasn’t easy. But, that changed when I became an independently owned and operated HomeVestors® franchisee. Truthfully, it changed my business.
Here’s what I got:
⇒ Training and mentorship. I was pretty good at my job, but becoming a HomeVestors® franchisee made me a lot better. For one thing, I received a one-week initial training that covered all the basics—even stuff that I had been doing all wrong. From there, I got continuous training in the form of resources, webinars, and access to seasoned professionals. I also continue to have a personal mentor to talk to about possible deals, though I don’t rely on her so much anymore.
⇒ Qualified Leads. People who need to sell their homes quickly call the “We Buy Ugly Houses®” people. They trust HomeVestors. So, the seller already feels like they know who I am when they pick up the phone. There is some trust already established.
⇒ Valuation tools. HomeVestors provides an industry-leading proprietary valuation tool that helps you estimate the purchase price of a property by estimating how much money you’ll be putting into the repairs on a house and what you can sell it for when your rehab is completed. This takes into account local issues, like Cincinnati-area costs of labor and the market. It isn’t abstract.
Needing these things isn’t a secret. We know we need these tools, and we know we need to understand the market, be able to close a deal, rehab, and sell. All that takes work. But, becoming a franchisee made some of the most challenging parts of the job that much easier. And, that’s made an enormous positive difference for me.
Cincinnati might be a hidden gem right now. But we know the market is changing. This could be a great time to start flipping houses in Cincinnati as your next career move. Getting all the tools you need in one place can increase your chances at it being a success.
If you’re interested in getting the training, qualified leads, and tools for real estate investing in Ohio, request information today. You could become part of the Queen City’s next chapter.
Each franchise office is independently owned and operated.
HomeVestors of America® is the nation’s only real estate investing franchise, providing business opportunities to real estate and investment professionals across the nation.