“Looking for a quick $40,000? Consider joining the rapidly growing legion of New York-area home flippers. The average gross profit on a home owned for less than six months and sold in the first half of 2013 in the New York City, Long Island and Northern New Jersey area was $39,458, according to a report released July 19 by real estate analytics firm RealtyTrac. Based on gross profit percentage (10 percent), RealtyTrac found the local market to be the nation’s 14th best for profitable home flipping. The practice is on the rise across the country.”
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