OfflineI know Dean Says you can make money in any market, but...
I'm investing in Detroit, and no one is buying (other than investors), and the prices are so low (40%-80% of FMV) that it seems like it's not a smart place to invest.
Does it make sense to invest and/or wholesale in an area where anybody (and I do mean anybody) can get an 80k-110k home for 20k or less (waaaaay less)?
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The deals you say that are there are really great (hold on too) propertys!
The first mistake i would do is, Thinking i have to sell to somebody that is state-side?
rand "Make your actions;COUNT"
How's the rental market in that area. To buy 5 houses for $100K and rent them out should bring some excellent cash flow. The banks must be crying for someone to take these properties
Bruce
in the investor disclosure statement and seller's acknowledgment, could someone please help me fill in the blank in the second paragraph,according to accepted criteria of -------- and its funding sources. thanks for your help
I think that having a strategy for Detroit is the key. I know quite a few investors who are having a field day doing wholesaling right now. I would start with birddogging for a big wholesaler in the area and try to build up startup capital for your biz. That's where I'm at right now. Then you can get your DP and buy/hold for positive cash flow. I would also look into trying to secure private money to fund your deals so you can be the "quick close" person, either from developing relationships at small banks or frim private investors looking to make higher returns than the stock market, CD's , etc. I'm investing in Detroit right now, so if you want to do some networking, PM me and maybe we can help each other out in some way!! Cheers!!