Real estate in brief: Flipping, remodeling and more
Ridesharing and house flipping: A perfect pair?
Houses suitable for a flip can be in short supply these days, but services are sprouting up to find them using a unique business model.
In a recent article, The Wall Street Journal profiled an Atlanta-based company called CORI, which hires drivers working for rideshare apps like Uber and Lyft to scout out homes along their routes that real estate firms can quickly buy and resell within one to two years. Telltale signs of neglect like piled up mail and a lawn full of weeds are abundant in homes in gentrifying neighborhoods like Atlanta and Chicago. The drivers take photos of these properties to help house flippers save time and money finding potential targets. The drivers take hundreds of photos of homes to send to house flippers, helping the industry become more technology-driven. Meanwhile, these services could offer another revenue stream for gig economy workers like Uber or Lyft drivers.
Residential remodeling activity continues seven-year growth streak
Remodeling activity financed by U.S. homeowners hit another high point in the first quarter of 2019, capping 28 consecutive quarters of growth, according to the Residential Remodeling Index published by Metrostudy. Compared to the same period last year, Q1 remodeling