2007-05-04 09:33:56 · 8 answers · asked by fares b 1 in Business & Finance ➔ Renting & Real Estate
I am here in Michigan, close to the Ohio border and I'm telling you some of these NICE houses are cheaper than cheap. Ones that were selling in high 200K are now in very LOW 200K. There are also a lot of homes around here for sale by owner...It's unreal around here For Sale signs everywhere and going no where. =(
2007-05-04 09:38:13 · answer #1 · answered by Moosey 5 · 0⤊ 1⤋
I don't know about Ohio, but it would not be profitable in Michigan. The Michigan economy right now is one of the worst in the nation, and as a result the housing market has suffered. Many houses around here have had for sale signs on their lawns for several years. There are no jobs, so there are no buyers.
2007-05-04 09:38:45 · answer #2 · answered by Vita 4 · 0⤊ 1⤋
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2016-11-25 02:29:10 · answer #3 · answered by giallombardo 4 · 0⤊ 0⤋
The smart and savvy investor and house flippers can survive in just about any market. They are just like stock and bond investors there are up times and low times,but you don't see them jumping ship,or stop buying bonds or stock.
So if you are smart and a knowledgeable investor any time is a good time, you just have to change your strategy.
There are several books you might want to check out at your book store. Check and see if you can find books on flipping, rehab, selling and buying distressed properties. These type books will give you some idea as to what to look for, when to buy and hold, buy and sell, buy and sell to other investors.
There is always a market for flippers, they have been around for years. They must know some secret to keep doing it over and over.
So in answer to your question flipping in any area is a good thing you just have to find out what strategy to use in your particular area.
2007-05-04 09:59:24 · answer #4 · answered by loanmasterone 7 · 0⤊ 2⤋
While its true that there is no better time to buy a house (because of the poor market). That also means the is no worse time to sell the house. This means that your typical profit margin will be reduce drasticly, not to mention it could take months to actually sell the house.
in a nut shell....NO.
2007-05-04 09:40:44 · answer #5 · answered by Lee 3 · 0⤊ 1⤋
only buy house that are 30%under market value.
that way during flipping you may need to do more than you planned and you can still make a tidy profit.
2007-05-04 09:44:03 · answer #6 · answered by asgapollo 3 · 0⤊ 1⤋
If you have money to spare and can ride things out for two or three years, ya there can be a ton of money made in MI housing. But as always, there is a lot of risk!
2007-05-04 09:44:44 · answer #7 · answered by music seeker 1 · 0⤊ 2⤋
Definitely not. Wait a couple years.
2007-05-04 09:37:03 · answer #8 · answered by WannaRetire 3 · 0⤊ 1⤋