I am interested in obtaining some buy and hold properties in Flint, Michigan. I was wondering if anyone has any experience in Flint, and if so how it has gone for them.
Prices are good compared to the rent you can get for the properties, but it seems too good to be true given the quality of the neighborhoods and schools.
Hello @Stewart Olney , welcome to BP. I still have my pharm license but only practice on a limited basis now. My real estate income has enabled that. You can achieve what you are seeking.
I don't have direct experience owning properties in Flint. I have known people who have made money there but, as you know, Flint has some very difficult areas. There is always a trade off when you purchase inexpensive properties in difficult neighborhoods. They often take a lot of time and skill to mange profitably and can be very difficult to sell when you wish to exit. If your properties are not in areas where people want to live they will be extremely difficult to rent and, of course, once you do rent them you may have difficulty collecting further rent. Suburban Flint is very different and you can find profitable properties there that are easier to mange.
Have you looked for properties close to home? Prices have been rising in HW but there are pockets there that are excellent rental neighborhoods and prices are still better here than they are in much of the country. I know several people who are doing well with rentals there. I do have direct experience in HW if you want to talk.
I know Michael Moore is from Flint, MI.
Maybe someone can get him to chime in!
Harper Woods does tend to have the nicest returns in my area for what you can get. Especially in the houses that get Grosse Pointe schools. Saint Clair Shores doesn't seem to be too bad either.
My wife saw some cheap houses on Zillow there, and I just wanted to find out if anyone knew the ins and outs of investing in Flint.
If your going to risk it in Flint you may as well just buy in Detroit. That way you will be close to them. Buy the properties near the hospital (St Joe's). Get some of those side by side duplexes. The risk would be the same as Flint and you would be closer to them.
WOW look at that I just told an investor to buy in Detroit. Imagine that
I think you are right about that. I do want to experiment with a property or two in Detroit, but not until I have made some acquisitions elsewhere.
I've owned several properties in the City of Flint and have done real well over the years. As already mentioned, the location is key since the neighborhoods can change from bad to worse real quickly. As little as five years ago it was relatively easy to make a great profit with very little investment. Tenants were easy to come by and Flint didn't have as much of a negative connotation.
Notice the use of past tense.
That was then. I've sold all my Flint properties. The City has gone down hill quickly. Taxes are up. Water bills are outrageous. Crime is up. Blight is the new norm. Schools have declined. Finding tenants for these homes has become nearly impossible even for the most savvy investors.
Flint Township and the surrounding areas are a completely different story. The municipalities in Genesee County that border Oakland and Livingston are very affluent. In fact, finding properties in those communities under $100 a square foot is nearly impossible.
I'd be careful with Flint proper.
Originally posted by @Mark Yuschak :
I'd be careful with Flint proper.
I can vouch for Mark. He has helped me find some good properties in the Flint AREA, but we stay clear of the city. Give him a call if you want to learn more.
I grew up in a suberb of Flint (Davison) and I can vouch for the fact that there are drastic changes in market quality when driving a couple miles one way or another so you have to be careful. I am also new to REI and have been looking into Flint as it would be great to be able to invest in an area I am familiar with already. So far I have to say I agree with the other posters that now may not be the best time to invest there. But I do see the next few years as a key crossroads for Flint. They have a master plan for the city for the first time in 40 or 50 years, which is a great first rehabilitation step. That being said, the city has also been in steady decline for the last 50 years so predicting a recovery is not exactly a safe bet. I am going to stay out of Flint for now but if I see signs of recovery in the next 2 or 3 years that are in line with the master plan, I think Flint represents a great buy low opportunity.
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