Home Buying in Detroit>Question Details

Andrei.mur, Home Buyer in Detroit, MI

What is the best area to flip a house?

Asked by Andrei.mur, Detroit, MI Sun May 26, 2013

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I assume that you are an investor currently or plan on getting into the investor business. So I will answer this question as one investor to another. First of all, what are you planning on doing. Are you looking at wholesaling, bird-dogging or rehabbing. If you are planning on wholesaling or bird-dogging, then working with a realtor is not the best option for you. If you want to buy, rehab and flip, then agents who "get what an investor does" can help. But you really need an investor savvy agent to work with.

As far as wholesaling or bird-dogging, you go where the investors want to buy. You would need to create a buyer's list of investor, what areas they are looking at and know how to put together a wholesale package. Merely sending an investor an address and price just won't cut it with an experienced investor. In the wholesale package you will need to include the ARV, cost of repairs and price it according to MAO.

If you are looking at buying, rehabbing and flipping, this can be done in any area where houses are selling. And right now, that is just about everywhere except the "war zones". In Detroit specifically, some of the great areas are East English Village, Cork Town, Indian Village. But most of Detroit is selling. You just need to have someone who knows the area really well, can provide you with great comps and give you good advice about which areas to stay away from.

Hope this helps.

Kathy Persha, Assoc. Broker/Realtor/Investor
GRI, CDPE, SFR, CIAS
0 votes Thank Flag Link Sun May 26, 2013
Thank you a lot . This information is very helpful. My plan is to pay cash for a livable fixer-upper, do the work, and sell it when the work is done. I don't want a gutted house, and I'm hoping to spend in the 50-75k range.
Flag Sun May 26, 2013
Give me a call and I can send you a list of homes in area's of MI to choose from. I will need the price range you do not want to spend over, how many bedrooms, and bathrooms.

Harold
ERA Realty
313-615-0153
0 votes Thank Flag Link Sun May 26, 2013
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