The house flipping market is so hot these days that even celebrities are getting involved. Jeremy Renner, the star of such films as the Bourne Legacy and Mission Impossible: Ghost Protocol recently sold a home that he had flipped with friend Kristoffer Winters for $24 million. The pair had been developing the home over the last three years. In 2010, they bought the property for just $7 million.
Renner and Winters reportedly put an extensive amount of work into the house which they claim is almost entirely redone with the exception of a pair of brick fireplaces. The pair gave the luxury home a 1920s Art Deco style and decor, which some might call a risky bet, but which clearly paid off for Renner and Winters.
Jeremy Renner isn’t the only celebrity getting into house flipping. Earlier this year rapper Drake sold a pair of high-rise condos in Miami for $2.5 million after purchasing them in 2011 for $1.9 million.
People like Jeremy Renner and Drake clearly don’t need the extra income from house flipping, but the market is so ripe for flipping that celebrities are recognizing house flipping as a lucrative investment opportunity. Granted, Renner and Winters have not reported how much they spent on renovations for their fix and flip property, but it is entirely possible that Renner made more on this investment than he did on his last movie.
Soaring Home Prices Deliver Exceptional ROI in California Market
In luxury markets like Los Angeles and San Francisco, investors are routinely seeing exceptional ROI on their investments due to soaring prices, increased buyer confidence, and low inventory levels. In smaller markets like Fresno and Ventura, flippers are likewise enjoying significant ROI, but in a less crowded marketplace.
If you’re thinking about entering the house flipping market, either on the luxury end or in suburban marketplaces, ZINC Financial can help you attain the residential rehab loans that you will need to thrive in this industry. ZINC works with investors of every type, offering loans of up to $750,000, and sometimes more in order to give property investors the leverage that they need to attain maximum ROI. Learn more about our private money lending services, or begin the application process by calling our experienced team at 559.326.2509.