Flipping Houses in Michigan
I’m watching some family members of mine lay the groundwork for some significant long-term wealth creation through the purchase of distressed properties here in Michigan.
I took a tour with my Uncle over the holiday of several of the properties he had purchased, and several that he was considering for purchase. My uncle is taking advantage of the fact that we are currently experiencing the biggest real estate slump in Michigan since the Great Depression. While others are afraid and are dumping real estate…my uncle is scouting SE Michigan for those “diamond in the rough” great deals that are available to the patient investor.
There are AMAZING DEALS out there right now in MI and elsewhere. But it takes extreme discipline and calculated risk to take advantage of current market conditions. I applaud Uncle B for his hard work and smart strategy in building his property portfolio. I believe that his actions today are going to create significant appreciation and wealth for his family over the next couple of decades!
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December 28th, 2008 at 2:09 am
Nice Site layout for your blog. I am looking forward to reading more from you.
Tom Humes
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December 31st, 2008 at 3:40 pm
Your uncle is a brave man, but it could payoff big time as you said for the next couple of decades.
Freddie @ Invest With Passions last blog post..10 Legal Factors to Business Forms
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December 31st, 2008 at 3:49 pm
He is a brave guy, I’m treading pretty lightly right now. Thanks for stopping by the blog.
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January 3rd, 2009 at 1:08 pm
If I had money under the bed, this is definitely what I’d be doing with it. Had I not spent an insane amount of money acquiring domain names, I probably would’ve done this instead. For now, I’m just going to sit on my “virtual” real estate and drool over one day owning a handful of “real” real estate that I can rent out. Oh well
Goodluck! I really think it’s the smartest thing to do at this point and I always check to see if there’s a bargain here and there in LA.
Sammy Ashouris last blog post..“Domainers Resolutions…” From Thought To Action To Evolution
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January 20th, 2009 at 4:12 am
Depending on the area, I would have no problem investing in the SE Michigan area right now. It is a beautiful state and will pick back up someday. Good luck to your uncle.
pfincomes last blog post..Capitalize on Current Business Trends
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January 22nd, 2009 at 8:43 am
Flipping houses was a old thing, the latest is flipping sites as they don’t have such investments.
Make Money Online Tipss last blog post..Intenet Marketing Business In Indonesia
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January 23rd, 2009 at 11:24 pm
Is there a particular reason why he picked SE Michigan?
It seems like the job scenario won’t pick up for quite awhile. There are a lot of other places in the country now that might pick up earlier than Michigan once the economy picks up.
I like the idea of buying houses right now as many of my friends are picking up a number of properties.
plins last blog post..Federal Income Tax Form 1040 calculator
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January 24th, 2009 at 1:45 pm
I think it was just easy for him as this is where he lives…not to mention that they are AMAZINGLY cheap there. He is getting decent places for like $4000…I’ve walked through them. Some of them in this price range have new windows and roofs. The banks just want to get rid of them. Good luck with your investments should you decide to jump in!
Almost Millionaires last blog post..I’m writing an E-Book about Franchising
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April 14th, 2009 at 4:03 am
Nice site, I look forward to reading more.
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November 16th, 2009 at 12:17 pm
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December 2nd, 2009 at 12:38 pm
Thank you for the great information you have included here. Certainly given me some ideas.
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December 6th, 2009 at 5:31 pm
Great Blog. I will bookmark for later. The real trick to flipping houses is be sure to buy low and sell low. The biggest factor is to tract the median home sales price and stay in that price point.
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December 6th, 2009 at 5:56 pm
Awesome Blog. I will bookmark for later. Most posts about house flipping don’t even have a clue about what they’re talking about.
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December 9th, 2009 at 12:30 pm
Nice site, I look forward to reading more.
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December 9th, 2009 at 12:33 pm
Thank you for the great information you have included here.
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April 12th, 2010 at 9:37 pm
Out of curiosity, how has the house flipping been going? I know that I am being nosey, but I am trying research the market.
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The Almost Millionaire Reply:
April 13th, 2010 at 12:30 am
My uncle has rented out 100% of the five properties that he has purchased. No flips yet, but steady income. When the market rebounds (5 years or so) he will be able to refinance and potentially cash out a bit. I will keep you posted if there is any sales activity.
Thanks for stopping by!
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April 29th, 2010 at 7:28 pm
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June 8th, 2010 at 5:26 pm
Very interesting, I look forward to reading more.
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