Southfield, MI · Member since 2016 · 17 posts · 8 votes
Hello all. I would like to do my first deal this year (well, my first deal in over 20 years anyway). I plan to buy and flip a house in Detroit. Plan to purchase with cash or do 20% down and finance the purchase (my preferred method would be to pay cash). The rehab, however, I am looking to finance. At this point, everything is just in the planning stage and I have been out of the market for a long time, just trying to get a feel for how much I will need to get started. Thanks!
Real Estate Agent · Ann Arbor & MetroDetroit, MI · Member since 2016 · 29 posts · 7 votes
9y
Happy New Year, Eddie!
I am a local Realtor, I am happy to create a portal for you so you can get familiarized with the current inventory.
Are you looking only in downtown Detroit, or also surrounding cities, including Farmington/Southfield areas? What is your ideal budget? Detroit itself has some of the cheapest homes, but would also require the most rehab.
Southfield, MI · Member since 2016 · 17 posts · 8 votes
9y
Hi @Iryna King. I am not looking in the downtown area, that is way out of my budget. There is a guy that I know that over the last three has purchased 27 houses in Detroit. He said that his average price was 10k (although I forgot to ask him how much he put into them for rehab). He said that he only lost money on two of the deals. I am looking to do something like that. Thanks!