As noted in some of the other responses, this is a difficult time to flip because so many of the comps are foreclosures. The banks have become extremely conservative with their appraisals and what they will lend to the buyer that wants your home.
I have spent the last 15 years investing and would be glad to help you with any other questions or concerns.
First United Realty
Best advise - find knowledgeable agents. Then search and destroy!
I actually give an Investor Class that is Coupled with Contractors to show you how to get the most out each Buy, Renovation and Sell. I can send you a series of Power Point presentations that show you what is possible and what kind of Revenues you may expect. Of course the 1st thing you need to determine if you are planning to do a Buy and Hold(rental) or a Buy and Sell(Flip) Strategy. 2nd determine what kind of Rate of Return you are expecting(Either solid cash # or %of return). Once you know this you can talk with an experienced Agent who can help find the right priced home in an area that also has great resale ability.
My highest Recommendations are to find a old 2-3 bed home with only 1 bath, add 400 sq ft with new bath, and Master Bedroom (of todayâ€™s sizes) and recheck what a compatible sales of a 3 bed 2 bath home with 400 sq ft more look like. I think you will be amazed.
For more information or to attend one of my Investor classes, you can contact me at 404-932-5353
Good Luck with your Home Shopping,
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339
I have worked with investor over past 3yrs in this high foreclose market. I when you say low fixer uppers, usually the city and dekalb. I have one investor client purchasing in the Dekalb county area, Stone Mountain, Lithonia, Decatur, Ellenwood.
The other Investor is buying in the Westend which is the city mins from downtown, CNN, Turner Field, Airport.
He has resold most of his home for over 100k, he bought low.
please give me a call if you need agent assistant. 404-914-6977
My other investor has purchase in Riverdale which is Clayton County (South Side) very low.
Our company have several low homes on the market with very little rehab.
Just listed a 4bdrm 3.5bath in Lithonia for $47k
http://www.pierealty.com view the listings.
to sell. My advice is also to buy and rent and wait till the market picks up. I am very confortable
with Cobb and Cherokee counties. They have great schools and location in proximity to Atlanta.
I would be happy to assist you with your purchase.