(EquityBuild) A recent report placed Chicago as one of the most profitable real estate markets for flippers. House flipping, essentially defined as buying a property and selling it within three to six months,Chicago Flipping Profits Surge has been on investor radar for a few years now, but specific economic trends have solidified the markets.

In Chicago, 2,845 homes were flipped in just the first six months of this year, up 86 percent from the same period last year, as reported by Irvine, California based RealtyTrac. In addition to the unit increase, investors reported a before-tax profit of $23,099 according to the report.

Jerry Cohen, President of Equity Build said, "The Chicago real estate investment market is no news to us. We've been active there for several years and our clients have been getting 12, 15 and even 30 percent or more working with us." Equity Build is a full-service real estate investment firm that specializes in acquiring, rehabilitating and selling or managing single and multi-family real estate.

The Chicago real estate market in general has stabilized over the past few years with home prices up nearly 4.00 percent as of May of this year according to the Illinois Association of Realtors. But the striking number is how many homes were sold this year compared to last, with a 31 percent year over year jump.

Distressed real estate in the Chicago area is still a significant part of the landscape, with foreclosures still hitting the market. This provides an opportunity for smart investors to take advantage of underpriced real estate and prepare the home for market.

Equity Build has a slightly different approach however. "We don't just look at the listing price of a distressed property but we thoroughly review the project from the ground up. The vast majority of investment opportunities that we review never make it to our portfolio. There are just too many factors we take into consideration" said Cohen.

Overall, the Chicago real estate market appears to have a bright future due to Chicago's diverse economy, low mortgage rates and lenders no longer as afraid to approve a mortgage as they were say just two or three years ago. Investors who decide to buy and hold Chicago real estate will find cheap mortgage rates to finance the purchase as well as increasing rental rates around the region.

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