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I'm amazed at the deals going on in today's market! I have to tell you of a deal that I heard of this last year, that I will call the Deal of the Century.
Initially, I need to explain about the foreclosure process in Michigan for you to understand about this deal. Initially, a person gets a couple months behind on their mortgage. Usually
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Investment Properties-The Good, The Bad, and The UGLY! |
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If you are thinking about investments, this may be the way to go. Michigan economy and the loss of jobs has caused an influx of foreclosed/investment properties which is a great opportunity for those with extra cash. (Does anyone have extra cash these days? My family certainly makes sure I don't!)
Here are the pros of the investment properties. Many people are making very good money. Potential investors are able to see the finished product and usually like doing the remodeling work. And of course they can see the profit potential and their net gain. If an investor can make $20K to $50K they have done really well for Michigan.
Does anyone ever watch "Flip this House" on tv? That show cracks me up. How do average people buy a $500,000.00, 1100 square foot ranch in California, and handle two mortgage payments at the same time? While some have made some great money, most of them underestimate the time to do the repairs, the amount of money needed for the repairs, and the amount of time to resell the home. I keep wondering when they are going to put an average Midwest home on that show. Of course, it wouldn't be as exciting to look at the profit margin as the ones in California.
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