Believe it or not, there are still a lot of amazing finds in Detroit, MI! While it may look like everyone has bought up properties for investments, those hidden gems that are waiting for you to put in your flipping expertise is still hanging around.
What makes for a good deal on a flip? You’re looking to be able to expect a reasonable return on your investment, and enough safety to gain a profit out of the entire rehabbing experience.
Own It Detroit has a few key rules when it comes to looking into a Detroit, MI home to flip. Want to know how to spot those diamonds in the rough?
- Look for homes that have been hanging around the market for a while – When you first look a home, you may turn away from it due to the listing price. However, don’t discount anything just based on price along. If you found a property that you are truly interested in, make sure to take note. Determine what you could reasonably pay for the property, and keep your eye on its’ availability over a period of time. If you notice it is sitting on the market, chances are you can get it at a better price.
- Expand your neighborhoods – We know that Midtown and Corktown are the hottest areas right now to buy in Detroit. However, there are several more developing, and smaller neighborhoods, around these larger hubs, that shouldn’t be dismissed. See what’s available in other areas, get a better understanding of their values, what other new businesses are expanding into their areas, and find your potential flips!
- Think outside of your ‘flipping’ box – You may have a certain method for flipping homes, but not every home is going to be able tackled the same way. If you’re used to quickly flipping a property, rent for a few years, and then selling, you may want to rethink your end game. What if your exit strategy involved renting out for a longer period of time? If this could make a listing that wasn’t a potential before a reality, we think you should step outside the box!
- Get to know other agents – If you don’t live directly in Detroit, you may not really know what is happening day to day. In order to understand what properties are truly available, what is about to be for sale, and which are a renovators dream, you need to get out and Expand your network with other agents, and you just may find your next property tomorrow!
Are you ready to find your next deal? The next time you’re ready to start a new rehab/flip project in Detroit, don’t forget to refer back to our flip list!