FRESNO, Calif. (KFSN) — Home flippers were especially busy in two valley counties, compared to a year ago in September.
Kings County saw a 118% increase, while Madera County had an 86% increase.
“The rural areas, I think there’s more investors who have joined investing. More investors venturing outside of Fresno,” Cleadus Shelton said.
Cleadus Shelton and his wife, Erin, run EVC Homes.
They buy houses, many of them in bad condition, fix them up, and then sell them.
The Sheltons have flipped more than a hundred properties, including this one in Fresno’s Old Fig Garden.
“We bought it, I think, at $750K and we sold it at $1.950M,” Cleadus said.
That’s $1.2 million in gross profit, though renovation costs were also very high.
“We didn’t make a lot, to be honest with you,” he said. “We’ve made more on smaller projects that were less labor-intensive.”
The increase in Fresno County house flipping was not as high as in Kings and Madera counties. Fresno County saw an 8.6% rise.
Cleadus noticed the home-buying slowdown more than a year ago.
“We put a house on the market in Fresno in the Tower District and it didn’t fly off the market. Two weeks go by, three weeks, four weeks. We’re like okay, something’s definitely changing,” je said.
Erin Shelton has noticed many more people looking to flip homes.
“Our Fresno market is oversaturated with brand-new flippers. A lot of wholesalers are doing the cold calling. Direct mail campaigns,” Erin said.
She advises people to educate themselves if they want to enter the house flipping space.
“It’s not what it looks like on HGTV. It’s very difficult, it’s stressful, it’s hard,” Erin said.
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