So usually when I buy a flip I look in all the larger neighborhoods in our area where houses sell regularly and there are good comps. Inventory is fairly low right now for foreclosures here so Im looking a little bit further out in the sticks. Not too far Im only talking 10 minutes or so out of the heavily populated areas.
I have a house Im looking at that is not in a development or anything. There have been recent sales in the area and values look pretty good.
What do you guys think of flipping a little bit out of town?
I'm not familiar with Syracuse, but here in the North Atlanta suburbs, I know the buying pool for houses not in a neighborhood or development is smaller. Most people want neighbors, sidewalks, amenities, etc. Also schools in outlying areas are generally less desirable. There are buyers and people who are only looking for homes outside of developments, but they are fewer. I tend to shy away from homes outside of neighborhoods or even ones with no HOA because I feel the pool is smaller. But when I do a project like that, I will play up to those attributes in listing. "Acreage. Room for RV. Privacy" etc.
If you can find solid comps and the numbers look good, it may be a good deal. I would just build in extra time to be on the market because of the smaller buyers pool. Again, I don't know anything about the Syracuse market.
Best of Luck.
@Dave Charron , which town? That makes a difference. I would do it in Marcellus no problem, or Liverpool. Even B-ville and J-D could work but not sure if i would try in Elbridge. All depends on the market. If the numbers are there, do it.
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