House Flipping

[wiseguys]

There are many market areas that you can flip homes in. Not in Michigan, but in south carolina,parts of north carolina,Texas is a state that homes are selling well,
Arkansas is still selling well. The out look is bad for Michigan for the next 5 to 10 years.
I would not attempt to flip a home in Michigan.
You need to be able to afford your flip if it does not sell, I would do the remodel and live in it till it sold then do another, this way if you do not sell you can live in it. Remember Homes in parts of SC and texas are selling for more than in Michigan, Homes in Michigan are falling fast, they are going up in Texas and SC, Not as much as they were but going up. I still think Florida is a good place to invest, there will always be people who want to go to the warm water of the south.
There is a reason 22 million people live there.

[Coldjensens]

Investors are flocking to the Detroit area to buy groups of foreclosure houses. You can buy a house for as little as $3,700 Some groups are looking to buy groups of 100 houses at a time. The market is so low, that they think that they cannot lose money. Only time will tell.

[STLCardsBlues1989]

I would suggest not flipping now, unless you plan to live in the house until the market's up again.

[theboysmom]

One thing about flipping is that I think it's too popular now. There are all those shows on TLC, A&E, etc...They make house flipping seem fun, exciting, and lucrative (most of the time). I enjoy watching them too, and sometimes you forget that it wouldn't all be resolved in an hour.

[michiganbob]

Read that article in the Detroit paper as well, and while I wish those folks luck, don't forget that 27,000 people moved out of Detroit in one year alone! Wonder why you can get a house so cheap there now? It's because no one wants to live there and/or can find a job to live there. (This is not South Florida where demand ebs and flows over the years, but still remains on a general upward line.) If that rate of exodus continues there will likely be WAY more rental properties than renters and then it won't matter HOW little you paid for the houses.

Will it turn around in 5 or 10 years? I'm not a Detroit expert, but hasn't the city been losing population consistently for the last 40 years? Anyone see any reason that's going to change any time soon?

[4WDGreg]

Rule #1 of running a successful business, is to KNOW YOUR BUSINESS. If you want to be successful at this, then I suggest thoroughly learning the ins-and-outs of running a construction firm, if you don't already.

[KimmyLynn]

unless you really research it and have money and crew to back you up i say forget it my brother in law wanted to do this and had not the first clue about it i said forget it if it doesnt sell or it is too high priced because you underestimated projected work time and the cost involved you are screwed!!!