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Home flippers hire Uber and Lyft drivers to scout properties

June 7, 2019

Diana Olick @DIANAOLICK

  • Competition is fierce among flippers, because the returns are falling. Nationwide, flippers saw an average return on their investment of about 39% in the first quarter of this year, down from 42.5% in the previous quarter.
  • The number of flips are down 8% annually, so the stakes are up.
  • Investor Daniel DiGiacomo has hired about 150 Uber and Lyft drivers to scour the streets for opportunities. It’s his way of getting ahead of the competition in a larger geographical range.

David Umanzor is an Uber driver in Washington, D.C. Part of the time he’s driving, he’s scouting properties for an investor, Daniel DiGiacomo, who has been flipping homes for a decade, but has never seen the market this tough.

“With the prices as high as they are now, the margins on our flips are pretty slim,” DiGiacomo said.

Competition is fierce among flippers, because the returns are falling, hitting the lowest point in eight years during the first quarter this year

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