Flipping In Grand Rapids MI
Hi All,
My wife and I have recently decided that we want to get into the real estate business to be more specific flipping we currently do not own our own home due to bad credit. We went through a rough patch when I was injured and was on disability and could not afford all the bills we had. We are now in a good place and paying off all those things that we fell behind on trying to repair our credit. My thought was our first flip we should do a live in flip being that we don't own a home yet. I recently came across a home that sold back in 2004 for $124,900 foreclosed to lender in 2014 for $71,442 and was on the market from 7/14 to 7/15 for $51,500. When I look this home up is says it was sold in August of this year for $51,500 but now has a realtor sign up that reads land contract. Similar homes in the area in the past year have sold from $110,00 to $120,000 I have not been in this home but from the pictures is seems to be a livable home while fixed I do know that from the looks it will need a new roof and of course it is outdated. I grew up in the area and know that it is a nice area with a good school system do you all think that being that it is up for land contract that if I could find a way to get the money or financed maybe a 203k loan they would be willing to our right sell it and why would someone buy it just to put it up for land contract? Any advice in this matter would be greatly appreciated.