Hello BP Community,
I am looking to get into the flipping industry in the Grand Rapids area. I would really appreciate some advice on where (or where not) to look for a good flip. We are working off a limited budget for the first flip and are attempting to determine what neighborhoods have a decent potential for profit without concerns of safety or destruction of property. What should I look for when deciding if a neighborhood is a good bet?
Greatly appreciate your advice,
A wonderful website that I've come across is "Social Explorer" (www.socialexplorer.com) they've got a ton of map-based data that you can look through. You do need a subscription (though limited usage is free) and you can look at crime statistics, home prices, education, etc. When you look at this data on a map, it's easier to pick up on trends that can show you that "oh, hey, this neighborhood is cheap, but actually very safe despite being on the so-called wrong side of the tracks".
However, I would assume that the numbers themselves; the house price, the renovation cost, etc are more important because they're totally inescapable.
Good luck with the flip, hopes it works out great! I love Western Michigan, my cousin used to live in Grand Rapids!
@Andrew Schmidt (most) realtors have a solid understanding of their market. it might be helpful to call a few and ask which areas are seeing the most growth and sales. the areas with the lowest days on market (DOM) may be a good indication of the quicker-selling areas. also, the property assessor's office may have some information regarding increasing property values. as far as the crime during the flip, the local police office may be your best bet. there is probably a website that shows a "heat map" of sorts, detailing the recent crime reports for a given sector. also, a good old fashioned phone call to the precinct may be informative.
one last thought, if you haven't already, it may help to setup keyword alerts for something like flips and grand rapids, so you can connect with those in your market who are active in that strategy. they can give you some direct answers
Thanks @Account Closed for your insight on this! I will be sure to check that out. I love it too; it's a great place to live!
@Mark Douglas , those are great ideas! I will try making some phone calls and see what kind of leads I get. Thanks for your help!
I'm currently a realtor and investor in the Grand Rapids area. I come across several off market properties often. Reach out to me, maybe we can connect and I can get you access to a few potential properties.
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