Thread: Bought this for 35K yesterday!

Originally Posted by MiamiIS350

You'll never see that in Miami Lakes, crazy!

you wont see that in liberty city...ridiculously cheap

Shawn... Those are some great deals... For someone looking to do the "dirty work" their are a TON of houses like that... When I mean dirty work I don't mean "renovations" either...

Gota love the banks!

Got allot of plans for this one, Ill post the after rehab pics after.

thats an amazing deal u got there, wish there was property like this around me...

the best part about the recession is those who see the OPPORTUNITY! great job finding them!!!

Originally Posted by southern thunder

WOW, that is low. Arent homes in Michigan going for like 10K??

(Just my 2 cents here and I am a real Estate Broker.)

Yea, they are going for like 10k but even after you get them back to where someone might want to live in them you have two issues. 1st - The rest of the neighborhood is still in the low range so it is very difficult to get the comps, or someone who will want to live there.

And 2nd - If you do buy one for 10k and then toss 20k into it and want to sell it????you will likely have a very hard time selling the property. (It will be very difficult getting comps for other houses, a difficult time getting "pre-approved buyers" And then you have to figure out how to get the lenders "loosen" up their cash?

(And the worse thing is that while your guys are doing the work on the house and they are "re-wiring" everything and re-doing the house, they have to watch all of their stuff so it doesn't get stolen, and then the next morning, you can expect 10-20% of the work that was down to be ripped out and or stolen.)

So the reality is this, go to Florida and do it, and you will make more money and save yourself a huge headache!

Things may have changed, but I had my own Mortgage Company and a Real Estate Company in the Detroit Area until about 2 years. Now the the Real Estate Markets and the Finance Companies are a different animals. The best way to buy here is to buy cash and hang on to it for 1-3 years, maybe rent it out and then you might get your money out. The problem is that there is no money here, which is why I am on my why out...

Now, if you go to other parts of Michigan, like the west side of the state, or maybe Lansing or North, you may be able to find stuff like that?

^^^^ florida huh? well hows the market in florida?

Great house for the money. And it's fun doing renovations

not a bad buy at all

Originally Posted by Panerai_Pete

(Just my 2 cents here and I am a real Estate Broker.)

Yea, they are going for like 10k but even after you get them back to where someone might want to live in them you have two issues. 1st - The rest of the neighborhood is still in the low range so it is very difficult to get the comps, or someone who will want to live there.

And 2nd - If you do buy one for 10k and then toss 20k into it and want to sell it????you will likely have a very hard time selling the property. (It will be very difficult getting comps for other houses, a difficult time getting "pre-approved buyers" And then you have to figure out how to get the lenders "loosen" up their cash?

(And the worse thing is that while your guys are doing the work on the house and they are "re-wiring" everything and re-doing the house, they have to watch all of their stuff so it doesn't get stolen, and then the next morning, you can expect 10-20% of the work that was down to be ripped out and or stolen.)

So the reality is this, go to Florida and do it, and you will make more money and save yourself a huge headache!

Things may have changed, but I had my own Mortgage Company and a Real Estate Company in the Detroit Area until about 2 years. Now the the Real Estate Markets and the Finance Companies are a different animals. The best way to buy here is to buy cash and hang on to it for 1-3 years, maybe rent it out and then you might get your money out. The problem is that there is no money here, which is why I am on my why out...

Now, if you go to other parts of Michigan, like the west side of the state, or maybe Lansing or North, you may be able to find stuff like that?

This is accurate. I just helped my brother buy a new home. He started looking at the "fixer uppers" etc. first and ran into most of these issues. Finally said Fvk it and purchased a nice house in a nice neighborhood with no issues.